GO
Loading...

Eminence Capital takes 9.8 percent stake in Men's Wearhouse

Thursday, 7 Nov 2013 | 1:32 PM ET
Faber Report: Hedge fund move in Men's Wearhouse
Thursday, 7 Nov 2013 | 10:12 AM ET
CNBC's David Faber reports that Eminence Capital has taken a 9.8 percent stake in Men's Wearhouse and is encouraging the company to solicit purchase bids.

A hedge fund has taken a 9.8 percent stake in Men's Wearhouse and will argue for the company to solicit more bids, CNBC's David Faber reported Thursday, attributing the information to sources.

As an activist shareholder, Eminence Capital will encourage the clothier to renew talks with Jos. A. Bank, whose offer Men's Wearhouse rejected last month, as well as solicit other bids to create more value, David Faber said on The Faber Report.

(Read more: Men's Wearhouse rejects $2.3B buy offer, adopts poison pill)

Men's Wearhouse, which sells discounted suits through more than 1,000 stores, turned down an offer of $48 a share from Jos. A. Bank and Golden Gate Capital, calling it too low. Jos. A. Bank said it could raise the offer after due diligence, but Men's Wearhouse would not let the process to move forward.

Shares of Men's Wearhouse shot up more than 9 percent Thursday, to $46.35.

(Click here to get the latest quote)

—By CNBC

  Price   Change %Change
MW
---
JOSB
---

Featured

Contact M&A

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Private Equity