The Men's Wearhouse will buy Jos. A. Bank Clothiers in a cash deal worth $1.8 billion, or $65 a share, USA Today reported today. Boards of directors of the companies have unanimously approved the transaction. The companies have been volleying competing offers for each other since the fall, when Jos. A. Bank made an unsolicited offer to buy Men's Wearhouse for $48 a share. Men's Wearhouse rejected the bid and countered with its own to buy Jos. A. Bank for $55 a share. Most recently, Men's Wearhouse raised its bid to $63.50 a share two weeks ago. Combining the companies will allow both to maximize merchandise offerings and store locations, the companies said in a statement. Jos. A. Bank will retain its name.
