Daily News: March 12, 2014

BofA, JPMorgan Commit Financing for Men’s Wearhouse’s Deal

Bloomberg reported Men’s Wearhouse agreed to buy smaller rival Jos. A. Bank Clothiers for about $1.8 billion in cash, ending a five-month takeover battle between the two menswear retailers.

According to Bloomberg , Men’s Wearhouse has debt financing commitments for the purchase of up to $2.2 billion from Bank of America Corp. and JPMorgan Chase, the retailer said in a filing.

According to Bloomberg , the retailers confirmed in a statement both companies’ boards approved the transaction. Jos. A. Bank also will terminate a separate deal to buy the Eddie Bauer brand and cancel a plan to buy as much as $300 million of its own stock, Bloomberg added.

To read the entire Bloomberg article, click here.