Men’s Wearhouse extends tender offer for Jos. A. Bank
Fremont, Calif. — The Men’s Wearhouse has extended the expiration date of its tender offer for all outstanding common shares of Jos. A. Bank, in accordance with terms of the March 11 merger agreement. The offer and withdrawal rights are now scheduled to expire on April 9, 2014, unless further extended.
As of March 19, 2014, about 19.2 million shares of Jos. A. Bank common stock (including 2.1 million shares Jos. A. Bank common stock subject to notice of guaranteed delivery) had been tendered in and not withdrawn from the tender offer. On March 20, 2014, in accordance with the terms and conditions of the merger agreement, Men’s Wearhouse amended its pending tender offer to reflect the terms of the merger agreement, including reflecting the increase in the offer price of $65 and other changes contemplated by the merger agreement.
As provided in the merger agreement, if on any scheduled expiration date, any of the conditions to the tender offer are not satisfied or waived, then Men’s Wearhouse may extend the tender offer for successive periods of time up to 10 business days. 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.
Starbucks to expand evening alcohol sales; plans Oprah chai tea
Seattle – Starbucks plans to expand a pilot of an evening alcohol and “light bites” menu that includes wine to thousands of stores nationwide. At the company’s annual shareholder meeting, Starbucks executives said the evening food and drink offerings, currently provided in about 40 test stores, will be rolled out during the next several years.
Starbucks does not plan to offer alcohol in all stores, but will focus on stores in urban areas near stores and theaters where consumers will likely be out at night. Alcohol is currently offered in test stores in the Chicago, Atlanta, Seattle and Southern California markets. The food portion of the evening menu, which begins after 4 p.m., includes truffle macaroni and cheese, chicken skewers, Chardonnay and chocolate fondue.
In addition, Starbucks announced a collaboration with media mogul Oprah Winfrey to create Teavana Oprah chai tea. Beginning April 29, Oprah Chai will be sold at Starbucks and Teavana stores across the U.S. and Canada, with a donation from each product sold going to the Oprah Winfrey Leadership Academy Foundation.
“With the introduction of Teavan Oprah Chai, we are going to elevate the tea experience the way we did for coffee,” said Howard Schultz, chairman, president and CEO of Starbucks.
Gap designer is Bloomberg cover girl
Only 18 months into her job as Gap’s creative director and already Rebekka Bay is the focus of a cover story in the most recent issue of Bloomberg Businessweek about, “making Gap matter again.”
The Dutch designer charged with turning around the apparel retailer shares her views on helping Gap become cool again, design with integrity and the role instincts play in the creative process. The full story can be read here or watch a video interview with Bay here.