Men's Wearhouse Closes Acquisition Of Jos. A. Bank

(RTTNews) - Men's Wearhouse (MW) said Wednesday it has closed its acquisition of Jos. A. Bank Clothiers Inc. (JOSB).

The acquisition was effected through the all-cash tender offer by Men's Wearhouse's subsidiary, Java Corp, to acquire all of the shares of of Jos. A. Bank for $65 net per share in cash, without interest and less any required withholding taxes, and the subsequent merger of Java Corp with and into Jos. A. Bank.

Doug Ewert, CEO of Men's Wearhouse, said, "We are thrilled to have closed on the acquisition of Jos. A. Bank and are eager to begin the integration process with their talented employees to create a truly great company for all of our stakeholders."

" With more than 1,700 stores, approximately 26,000 employees and sales of $3.5 billion on a pro forma basis, our combined company has increased scale and breadth that broadens our best-in-class offerings."

The company expects the acquisition to be accretive to earnings in the first full year of operations as well as to achieve $100 million to $150 million of run-rate synergies by the end of fiscal 2016.

The tender offer expired on June 17. About 23,610,788 shares of Jos. A. Bank common stock (excluding shares delivered pursuant to guaranteed delivery) were validly tendered in, and not withdrawn from the tender offer, representing approximately 84% of Jos. A. Bank's outstanding shares of common stock and, after taking into account shares delivered pursuant to guaranteed delivery procedures, approximately 94% of Jos. A. Bank's outstanding shares of common stock.

Following the merger, Jos. A. Bank shares will cease to be traded on the Nasdaqt.