U.S. apparel retailer Jos A. Bank Clothiers Inc has received support for its $2.3 billion takeover bid for Men's Wearhouse Inc from the majority of the shareholders with big stakes in both companies, Jos A. Bank chairman Robert Wildrick said in an interview on Wednesday. Several of Jos A. Bank's top four shareholders, including Fidelity, Royce & Associates and Wellington Management, are also top 30 shareholders in Men's Wearhouse, according to Thomson Reuters data as of June 30.This overlap is crucial as Jos A. Bank tries to build support for its unsolicited offer, which has been rejected by Men's Wearhouse as undervaluing the company."We have spoken to a majority of the cross-shareholders, and they are strongly in favor of the proposal," Wildrick said. "In fact, none of the shareholders we have spoken with are opposed to it."Jos A. Bank last week proposed a $48 per share all-cash offer, a 36 percent premium, to acquire Men's Wearhouse.
The Men?s Wearhouse, Inc. is a specialty retailer of men?s suits and a provider of tuxedo rental product in the United States and Canada. Shares of MW traded higher by 2.03% or $0.92/share to $46.24. In the past year, the shares have traded as low as $27.42 and as high as $46.54. On average, 901872 shares of MW exchange hands on a given day and today's volume is recorded at 1399121.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.17% or $-0.06/share to $34.56. In the past year, the shares have traded as low as $26.71 and as high as $36.04. On average, 781820 shares of TRI exchange hands on a given day and today's volume is recorded at 640817.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.75% or $-0.27/share to $35.74. In the past year, the shares have traded as low as $26.65 and as high as $36.98. On average, 798941 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 765828.
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