Jos A Bank lowers ‘poison pill’ trigger from 20% to 10%
Hampstead, Md. — Preparing for a potential fight against Men’s Wearhouse’s unsolicited acquisition bid, Jos. A. Bank Clothiers is ramping up its "poison pill" defense.
Jos. A. Bank said Friday that it is lowering its ownership threshold to 10% from 20%, which is the same ownership threshold as Men’s Wearhouse’s shareholder rights plan.
Such a plan typically allows existing shareholders to acquire more stock at a discounted rate to ward off the investor collecting a big stake.
Last September, Jos. A. Bank offered to buy its larger rival for $2.3 billion, an offer rebuffed by Men’s Wearhouse who then responded with its own takeover bid of $1.54 billion.
In late December, Jos. A. Bank rejected the Men’s Wearhouse takeover offer, saying it was too low. Men’s Wearhouse responded by saying that it would "carefully consider all of our options to make this combination a reality," which could include launching a proxy battle and nominating director candidates at Jos. A. Bank’s next annual meeting.
vPersonalize.com launches custom online store
San Francisco — Custom apparel and accessory provider vPersonalize.com has launched a new full-custom, online store for customers to design and buy their own personalized apparel and accessories.
vPersonalize.com features a Web-based configurator that allows consumers to design directly on a 3-D model of a T-shirt, backpack or bag and get it custom-made almost exactly as seen.
The customer can layer multiple images, print across seams, or place text just about anywhere. The software also supports automatic grading, meaning the customer can see exactly how the design will look on a particular size even before it goes for manufacturing.
"To make sure all of these visual gymnastics end up correctly in manufacturing, we had to fully automate the manufacturing pattern generation and grading,” said Bala Selvarajan, co-founder and chief technologist of vPersonalize.com. “Our patent-pending software takes the visual design on a 3-D model and automatically creates all the manufacturing patterns, which, when assembled together make the original design."
Report: New ‘Coinye West’ digital currency debuts Jan. 11
A new form of digital currency will reportedly soon be competing with Bitcoin. According to multiple media reports, the currency, known as “Coinye West,” will launch at 11 p.m. ET on Saturday, Jan. 11.
According to the Coinye West website, the currency will use a Scrypt algorithm and have a maximum number of 1,333,333,333. The site also promises that password-protected, encrypted archives containing the binaries and source for the wallet and daemon will be released before launch and that Coinye West is digital currency “for the masses.”
Although there is some speculation that Coinye West is a hoax, widespread coverage by mainstream media outlets and IT experts lends credibility to it being an actual digital currency that will launch. The creators have intentionally remained anonymous and have not indicated where the Coinye West organization is physically located.