Newman Ferrara LLP Announces Investigation of The Men’s Wearhouse, Inc.
NEW YORK -- November 5, 2013
Newman Ferrara LLP has begun an investigation into potential claims against
the Board of Directors of The Men’s Wearhouse, Inc. (“MW”) (NYSE: MW)
concerning its rejection of the offer made by Jos. A. Bank Clothiers, Inc.
(“Jos. A. Bank”) (Nasdaq: JOSB) to acquire MW for $48.00 per share and its
denial of Jos. A. Bank’s request to conduct limited due diligence for the
purpose of raising that offer.
On October 9, 2013, MW’s Board rejected Jos. A. Bank’s offer to acquire MW for
$48.00 per share in cash. Despite representing a 42% premium to the closing
price of MW stock on the day prior, MW’s Board stated that the offer price
represented “inadequate consideration.”
On October 31, 2013, Jos. A. Bank sent a letter to MW stating its willingness
to consider raising its $48.00 per share offer if it is given the opportunity
to conduct limited due diligence. The letter also indicated that MW’s Board
“has refused to discuss the proposal with us.”
On November 4, 2013, MW’s Board denied Jos. A. Bank’s request to conduct
limited due diligence for the purpose of raising its offer. In response,
Robert Wildrick, Chairman of Jos. A. Bank’s Board issued a statement stating
that “we are disappointed that the board of MW has rejected our request for
information and thereby chosen not to explore the potential of Jos. A. Bank’s
proposal for the benefit of their shareholders. Their board’s position is a
matter for consideration by the shareholders of Men’s Wearhouse.”
Newman Ferrara’s investigation concerns whether MW’s Board has breached its
fiduciary duties to act in the best interests of MW’s shareholders by
rejecting Jos. A. Bank’s offer to acquire MW and denying Jos. A. Bank’s
request to conduct limited due diligence for the purpose of increasing that
Concerned investors may contact Newman Ferrara at firstname.lastname@example.org or (212)
619-5400 to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with
attorneys specializing in complex commercial and multi-party litigation,
securities fraud and shareholder litigation, consumer protection, civil
rights, and real estate. For more information, please visit the firm website
Newman Ferrara LLP
Roy Shimon, 212-619-5400
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