Fremont, Calif. — The Men's Wearhouse has extended its all-cash tender offer for $65 per share for all of the currently outstanding shares of common stock (including associated stock purchase rights) of Jos. A. Bank to June 19, 2014, unless further amended. The tender offer was previously set to expire on June 5, 2014.
The Men's Wearhouse plans to issue an aggregate principal amount of up to $600 million of senior notes due 2022 in a private offering and use the net proceeds from this offering of senior notes to pay a portion of the approximately $1.8 billion purchase price for Jos. A. Bank.
As of June 5, 2014, approximately 25 million shares of Jos. A. Bank common stock have been validly tendered in, and not withdrawn from the tender offer. BofA Merrill Lynch and J.P. Morgan Securities LLC are serving as financial advisors to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.
The Men's Wearhouse board of directors has also amended and restated the company's bylaws to modify the voting standard required for shareholders to amend bylaws from 66-2/3% to a majority of Men's Wearhouse's outstanding voting stock.