An investigation on behalf of investors of Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) in connection with the proposed takeover was announced and NASDAQ:JOSB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/04/2013 -- An investigation on behalf of investors, who currently hold shares of Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) shares, was announced concerning whether the takeover of Jos. A. Bank Clothiers Inc by The Men's Wearhouse for $55 per share is unfair to NASDAQ:JOSB stockholders.
Investors who purchased shares of Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) and currently hold any of those NASDAQ:JOSB shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Jos. A. Bank Clothiers Inc breached their fiduciary duties owed to NASDAQ:JOSB investors in connection with the proposed acquisition.
On November 26, 2013, Jos. A. Bank Clothiers Inc confirmed that it has received an unsolicited, non-binding acquisition proposal from The Men's Wearhouse, Inc. (NYSE:MW). The Men's Wearhouse proposed to acquire all of the outstanding shares of Jos. A. Bank Clothiers (Nasdaq: JOSB) common stock for $55.00 per share in cash, representing an implied enterprise value of approximately $1.2 billion.
However, given that shares of Jos. A. Bank Clothiers Inc jumped following the takeover proposal in the open market to as high as $56.88 per share and that NASDAQ:JOSB shares traded in 2011 as high as $56.01 per share, the investigation concerns whether the $55-offer is unfair to NASDAQ:JOSB stockholders.
In addition, the investigation concerns whether the Jos. A. Bank Clothiers Board of Directors will undertake an adequate sales process, adequately shop the company before entering into the transaction, maximize shareholder value by negotiating the best price, and act in the shareholders' best interests in connection with a proposed sale.
Jos. A. Bank Clothiers Inc reported that its Total Revenue rose from $770.32 million for the 12 months that ended on Jan. 30, 2010 to over $1.04 billion for the 12 months that ended on Feb. 2, 2013.
On Dec. 3, 2013, NASDAQ:JOSB shares closed at $56.58 per share.
Those who are current investors in Jos. A. Bank Clothiers Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego