HAMPSTEAD, Md., Feb. 14 (UPI) -- U.S. men's clothing chain Jos. A. Bank Clothiers said Friday it plans to acquire Eddie Bauer in a deal valued at $825 million.
Terms of the agreement call for Jos. A. Bank to buy Eddie Bauer parent company Everest Holdings for $564 million cash and $300 million in Jos. A. Bank stock, the Baltimore Sun reported.
Jos. A. Bank said it would issue a tender offer to buy as much as 4.6 million of its outstanding shares, which would hinge on the deal being consummated.
"We have long admired the Eddie Bauer brand and its widespread appeal among those with active lifestyles and excitement about the outdoors, a large and growing customer base that overlaps significantly with ours," Jos. A. Bank Robert N. Wildrick said in a statement Friday.
The acquisition of Eddie Bauer, based in Seattle. likely will end a takeover battle in which Jos. A. Bank, based in Hampstead, Md., and rival Men's Wearhouse, based in Freemont, Calif., were trying to acquire each other.
In a statement, Men's Wearhouse said it was reviewing its options concerning a takeover bid.
The company said its offer to buy outstanding shares of Jos. A. Bank common stock at $57.50 a share expires March 28, but could be extended.
