Eminence Capital Supports New Bid By Men's Wearhouse For Jos. A. Bank

(RTTNews) - Eminence Capital LLC issued a statement in support of the new, superior offer by The Men's Wearhouse Inc. (MW) for Jos. A. Bank Clothiers Inc. (JOSB).

"We are extremely pleased that Men's Wearhouse has made a full and fair offer for Jos. A. Bank," said Ricky Sandler, Chief Executive Officer of Eminence Capital.

Eminence, which owns 4.9% of the common stock in Jos. A. Bank Clothiers, said that it has maintained all along that the combination of these two great companies is the best outcome for all shareholders. It believes the offer clearly represents a superior alternative for Jos. A. Bank shareholders compared to remaining independent and acquiring Eddie Bauer.

If the Board of Jos. A. Bank properly fulfills its fiduciary duty, Eminence expects it will come to the conclusion that it should accept this offer to merge with Men's Wearhouse and move ahead with the limited confirmatory due diligence requested by Men's Wearhouse to solidify $65 per share offer price.

Earlier today, Men's Wearhouse said that it raised its cash tender offer for all outstanding shares of Jos. A. Bank Clothiers to $63.50 per share from $57.50 per share. Expiration of the amended tender offer has been moved up to 5:00 p.m., New York City time on Wednesday, March 12, 2014, unless the offer is extended.

Men's Wearhouse also said it could potentially increase its offer price to $65.00 per share if it is able to conduct limited due diligence, subject to an appropriate confidentiality agreement, with access to Jos. A. Bank's management team.