An activist investor ramped up pressure on Men's Wearhouse to join forces with Jos. A. Bank on Wednesday, and he recommended a bold recourse for investors if the men's apparel chain's board of directors doesn't agree with him.
Eminence Capital CEO Ricky Sandler, the biggest shareholder in Men's Wearhouse at 9.8 percent, released a presentation Wednesday morning to investors renewing his calls for a merger with Jos. A. Bank.
He also announced plans to lobby for changes to board bylaws that would allow Men's Wearhouse shareholders to remove directors without cause before the next annual investors' meeting, according to a statement from Sandler's hedge fund.
Jos. A Bank withdrew a bid to take over Men's Wearhouse five days ago after a negotiation deadline of Nov. 14 wasn't met. Sandler claims Men's Wearhouse missed out on $2 billion worth of value when it declined to renegotiate the deal.