(HAMPSTEAD, Md.) — Men’s retailer Jos A. Bank confirmed on Wednesday that it has made a bid to buy Men’s Wearhouse.
The non-binding offer would “acquire all of the outstanding shares of Men’s Wearhouse for $48 per share in cash, representing a total equity value of approximately $2.3 billion,” Jos. A. Bank said in a statement.
The company said it made the proposal to Men’s Wearhouse in mid-September.
“We are hopeful that Men’s Wearhouse’s Board will accept our proposal,” Jos. A. Bank Chairman Robert N. Wildrick said in the statement. “We believe Men’s Wearhouse’s shareholders would want their Board to explore with us the immediate and certain value they would receive in a transaction.”
“We have always admired Men’s Wearhouse and believe these two great companies, when combined, will create continued growth and sustainable value for our shareholders, greatly enhanced benefits for our customers, and exciting opportunities for our employees,” Wildrick continued.
Men’s Warehouse famously fired its founder and executive chairman, George Zimmer, this past June. Consumers may best know him from the hundreds of TV commercials in which he starred, pitching suits with the tagline, “You’re going to like the way you look. I guarantee it.”
Copyright 2013 ABC News Radio
John Newsome and Anne Woolsey, CNN