Men’s Wearhouse urges Jos. A. Bank to consider buyout, may raise offer
Fremont, Calif. — The Men’s Wearhouse has sent a letter to the independent directors of Jos. A. Bank Clothiers, Inc. urging them to consider Men’s Wearhouse’s recent all-cash offer to acquire Jos. A. Bank for $57.50 per share, or about $1.6 billion. Jos. A. Bank initially rejected the offer, which expires March 28, 2014, on Jan. 20.
“As we have made clear, our strong preference is to work collaboratively with the JOSB board and management to realize the benefits of this combination,” says the letter, signed by five Men’s Wearhouse board members. “Our offer would provide your shareholders with a substantial premium and immediate and certain value.”
Men’s Wearhouse also states in the letter that it is prepared to increase its offer price if Jos. A. Bank can demonstrate or Men’s Wearhouse can discover additional value through discussions or limited due diligence.
The letter also urges Jos. A. Bank to form an independent committee of directors to consider the proposal. It cites a potential conflict of interest on behalf of Jos. A. Bank CEO Robert N. Wildrick, who would not remain CEO if a purchase took place. Wildrick was quoted in the official Jos. A. Bank statement rejecting the Men’s Wearhouse offer as calling it “inadequate.”
Also as previously announced, Men’s Wearhouse has formally submitted its notice to nominate two independent director candidates, John D. Bowlin and Arthur E. Reiner, for election to the Jos. A. Bank board of directors at its 2014 annual meeting.
BofA Merrill Lynch and J.P. Morgan Securities LLC are serving as financial advisors to Men’s Wearhouse, Willkie Farr & Gallagher LLP is serving as legal advisor and MacKenzie Partners, Inc., is serving as information agent.
Walgreens brings data analytics to clinics
Deerfield Park, Ill. – Walgreens is expanding its relationship with Inovalon, Inc. to implement its patient assessment tool and technology platform to support improvements in care, quality and risk score accuracy programs across more than 400 Healthcare Clinics at select Walgreens locations. The convergence of Inovalon’s data-driven patient assessment tool, Electronic Patient Assessment Solution Suite (ePASS), and Healthcare Clinic at select Walgreens brings Inovalon’s analysis of more than 8.3 billion medical events brings analytic insights to Healthcare Clinic programs.
Inovalon’s ePASS system delivers a patient assessment tool with individualized predictive analytics to the point of care. The risk score models of Medicare Advantage, Commercial Health Insurance Exchange, and state managed Medicaid are each supported within the ePASS system. Similarly, the industry’s wide array of quality outcomes programs including HEDIS, CMS Stars, state Medicaid programs, and commercial accreditation requirements of NCQA and URAC are supported within the platform provided at Healthcare Clinics at select Walgreens locations.
“By integrating data analytics, we can gain even deeper insights to help improve patient care and, ultimately, outcomes,” said Heather Helle, divisional VP, Healthcare Clinic. “We continue to expand the scope of services, capabilities and footprint at Healthcare Clinics. These types of innovative solutions enable our nurse practitioners and physician assistants to play an increasingly important role as part of a patient’s care team.”
Urban Outfitters selects planning solution
Philadelphia — Urban Outfitters, Inc. has selected TXT Integrated Retail Planning from TXT Maple Lake to support end-to-end retail planning across regions, brands and channels, from strategy through to assortment execution. The solution will help Urban Outfitters, Inc. manage the whole spectrum of its retail planning processes: strategic, merchandise planning, store grading, open to buy (OTB) and assortment planning, both pre-season and in-season.
Planning teams will create and manage their planning processes and OTB across the brands and channels at various levels as required within each brand. Next they will use this information to suggest the framework of an Assortment Plan for the buyers. Buyers will be able to design the best assortments to drive sales and customer satisfaction.
“The rapid international and multichannel growth we are experiencing creates new levels of complexity from a planning and assortment standpoint, said Calvin Hollinger, chief administrative officer of Urban Outfitters, Inc. “We need a solution to help us accurately plan inventory across our many product categories, channels and growing international business, then translate that demand into effective buying, merchandise and assortment plans. TXT can provide those capabilities within one integrated solution.”