SAN DIEGO and HAMPSTEAD, Md., Jan.
17, 2014 /PRNewswire/ -- Shareholder rights attorneys at
Robbins Arroyo LLP are investigating the recommendation of the Jos.
A. Bank Clothiers, Inc. (NASDAQ: JOSB) board of directors that
shareholders take no action on the tender offer commenced by The
Men's Wearhouse, Inc. (NYSE: MW). On January
6, 2014, The Men's Wearhouse announced that it had commenced
a cash tender offer to acquire all outstanding shares of Jos. A.
Bank for $57.50 per share in
cash.
(Logo:
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Is the Tender Offer Best for Jos. A. Bank and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Jos. A. Bank is undertaking a fair process to
impartially review the tender offer in the best interests of its
shareholders. Specifically, the investigation concerns
whether Jos. A. Bank's announcement on January 3, 2014, that it reduced the ownership
threshold of its shareholder rights plan from 20% to 10% was
designed to protect the interests of an entrenched board of
directors.
The Men's Wearhouse's $57.50
tender offer is 4.5%, or $2.50 per
share, higher than its previous offer of $55.00 made on November
26, 2013, which the Jos. A. Bank board rejected and refused
to negotiate. Further, the offer represents a premium of
38.02% based on Jos. A. Bank's closing price of $41.66 on October 8,
2013, the day before Jos. A. Bank submitted a $48.00 per share bid to acquire The Men's
Wearhouse. Further, prior to Men's Wearhouse's initial offer
of $55.00 per share on November 26, 2013, Jos. A. Bank had not traded
above the current offer price of $57.50 in the previous three years. In the
last three years, Jos. A. Bank has traded as low as $37.31 as recently as on January 28, 2013, closing at $39.28 on the same day.
Jos. A. Bank shareholders have the option to file a class action
lawsuit to ensure the board of directors properly evaluates the
proposal to obtain the best possible price for shareholders and the
disclosure of material information. Jos. A. Bank shareholders
interested in information about their rights and potential remedies
can contact attorney Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP