Men’s Wearhouse offers to buy Jos. A. Bank
Fremont, Calif. — Men’s Wearhouse has turned the tables on Jos. A. Bank Clothiers, with a proposal to acquire its one-time suitor for approximately $1.54 billion. Men’s Wearhouse is offering $55 per share for Jos. A. Bank, which represents nearly a 9% premium to the company’s $50.32 Monday closing price.
Jos. A. Bank made an unsolicited $2.3 billion bid in early October for Men’s Wearhouse, which rejected the offer, calling "opportunistic" and "inadequate."
"Following Jos. A. Bank’s unsolicited public proposal to acquire Men’s Wearhouse, our board of directors evaluated a number of alternatives to deliver value to our shareholders," said Bill Sechrest, lead director of the board of Men’s Wearhouse. "After a thorough review, our board concluded that an acquisition of Jos. A. Bank by Men’s Wearhouse has strategic logic and the potential to deliver substantial benefits to our respective shareholders, employees and customers.”
Sechrest said that in reaching its decision, Men’s Wearhouse considered a number of factors including its” advantage in scale, growth and performance, long history as a prudent steward of capital, successful acquisition track record and experienced management team.”
“We believe we are the right acquirer for this combination and that our experienced management team is best positioned to execute the integration of our companies and achieve the synergies that would result. We are ready to engage with the Jos. A. Bank’s board immediately," Sechrest said.
Jos. A. Bank said Tuesday that its board will evaluate the offer and respond "in due course."
European Wax Center inks Tribeca lease
New York — European Wax Center has signed a lease for 1,650 sq. ft. of ground floor retail space at 95 Chambers Street/75 Reade Street between Broadway and Church in Tribeca, according to Winick Realty Group, the broker representing both the retailer and the landlord, Ascend Group, in the transaction.
Winick also represented Reade Street Prep in a lease transaction for a 3,600-sq.-ft. expansion space on the 75 Reade Street side of the building.
Konover South buys back Florida retail portfolio
Deerfield Beach, Fla. — Konover South has bought back a portfolio of nine Florida retail shopping centers valued at more than $100 million. Konover had previously sold a share of the portfolio to an institutional investment partner. The buy-back returns complete ownership to Konover, which developed or redeveloped the properties over the years.
Peoples United Bank provided $75 million of new permanent financing for the transaction.
Consisting of prime core-plus and value-add properties with anchors such as Publix, Winn-Dixie and TJ Maxx, the portfolio includes Admirals Crossing in Jupiter, Governors Crossing in Tallahassee, Inverrary Falls in Lauderhill, Kendall Square and Kendall Square Office in Miami, Plaza at Davie in Davie, Point Meadows in Jacksonville, Stuart Centre in Stuart and Sunrise Plaza in Sunrise.