The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) shares, is ongoing concerning whether the takeover of Jos. A. Bank Clothiers Inc by The Men’s Wearhouse for $65 per share is unfair to NASDAQ:JOSB stockholders.
Investors who purchased shares of Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) and currently hold any of those NASDAQ:JOSB shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Jos. A. Bank Clothiers Inc breached their fiduciary duties owed to NASDAQ:JOSB investors in connection with the proposed acquisition.
On November 26, 2013, Jos. A. Bank Clothiers Inc confirmed that it has received an unsolicited, non-binding acquisition proposal from The Men’s Wearhouse, Inc. The Men’s Wearhouse proposed to acquire all of the outstanding shares of Jos. A. Bank Clothiers common stock for $55.00 per share in cash. On December 23, 2013, Jos. A. Bank Clothiers Inc rejected the offer made by The Men’s Wearhouse, Inc on November 26, 2013. On January 3, 2014, Jos. A. Bank Clothiers Inc announced that its Board of Directors has approved an amendment to its shareholder rights plan to, among other things, reduce the ownership threshold to 10 percent from 20 percent of outstanding common shares. On January 6, 2014, Jos. A. Bank Clothiers Inc confirmed that The Men’s Wearhouse, Inc. has commenced an unsolicited tender offer to acquire all outstanding common shares of the Company at a price of $57.50 per share, which the board of directors of Jos. A. Bank Clothiers Inc rejected on January 17, 2014. Then on March 11, 2014, The Men’s Wearhouse and Jos. A. Bank Clothiers announced that they have entered into an agreement under which Men’s Wearhouse will acquire all of the outstanding shares of common stock of Jos. A. Bank for $65.00 per share in cash, or total consideration of $1.8 billion.
However, the investigation concerns whether the $65-offer is unfair to NASDAQ:JOSB stockholders. In addition, the investigation concerns whether the Jos. A. Bank Clothiers Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with a proposed sale.
Jos. A. Bank Clothiers Inc reported that its Total Revenue rose from $770.32 million for the 12 months that ended on Jan. 30, 2010 to over $1.04 billion for the 12 months that ended on Feb. 2, 2013.
On March 11, 2014, NASDAQ:JOSB shares closed at $64.22 per share.
Those who are current investors in Jos. A. Bank Clothiers Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com