Men's Wearhouse really wants to buy rival Jos. A. Bank, but the deal announced today is all about the latter, not the former. Jos. A. Bank is buying Eddie Bauer's parent company in a cash and stock deal worth $825 million, Bloomberg reports. The combination will allow "two iconic American brands to share core competencies and demographically similar customer bases," Jos. A. Bank said, though the two will run independently of each other. Combined, expected revenues for 2014 are $2.1 billion; Jos. A. Bank's sales totaled $1.05 billion in the year ended Feb. 2, 2013.
But the door hasn't been slammed shut for Men's Wearhouse, reports the AP. Even as it announced the deal, Jos. A. Bank said it may end it if it receives an acquisition offer for its company that it feels is superior. It would have to pay a termination fee if it accepted such an offer. The Hampstead, Md.-based retailer said that the Eddie Bauer transaction includes $564 million in cash and about 4.7 million new shares of Jos. A. Bank stock issued to Everest Topco at $56 per share. (More Eddie Bauer stories.)
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