Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, November 12, 2013

Men's Wearhouse will explore strategic options, activist says, (NYSE: MW)

Hedge fund Eminence Capital LLC on Tuesday said Men's Wearhouse Inc would explore strategic options, including a merger with Jos. A. Bank Clothiers Inc. Eminence said in a letter to the retailer's chief executive officer, Doug Ewert, that Men's Wearhouse's financial advisors were instructed to review all strategic options available to the company."We also fully expect you and the board, given the explicit commitment to explore all options, to actively engage with Jos. A. Bank before their deadline of November 14, 2013," the letter said.Eminence disclosed in a filing on Nov. 7 that it holds 4.7 million shares, making it Men's Wearhouse's largest shareholder.

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 3.59% or $1.65/share to $47.61. In the past year, the shares have traded as low as $27.42 and as high as $47.29. On average, 1205620 shares of MW exchange hands on a given day and today's volume is recorded at 1536824.