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Merger

BUSINESS
By Lorraine Mirabella, The Baltimore Sun | February 3, 2014
As the prospect of a $1.6 billion merger between Jos. A. Bank Clothiers Inc. and Men's Wearhouse dimmed, investors retrenched Monday, pushing down shares of both retailers much further than the broader market decline. The market reacted after a weekend in which Hampstead-based Jos. A. Bank rejected a Men's Wearhouse request to negotiate. Bank also raised antitrust concerns in a letter sent Sunday to Men's Wearhouse CEO Douglas S. Ewert, after the Federal Trade Commission questioned the merger.
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BUSINESS
By Kevin Rector, The Baltimore Sun | January 29, 2014
The editors of many local Patch websites were among a large number of employees reportedly laid off by the news company Wednesday, under a national "restructuring" by its new owner. Investment holding company Hale Global agreed to assume majority ownership of Patch from AOL earlier this month. The exact toll among Maryland's sites remained unclear, but several local editors confirmed — some on the condition of anonymity — that they had been let go. Some employees still were waiting Wednesday to see what the conditions of their severance would be, and if it would include a non-disclosure clause.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | January 14, 2014
A large shareholder that is pushing Hampstead-based Jos. A. Bank Clothiers Inc. to negotiate with suitor Men's Wearhouse plans to nominate two company directors at Bank's annual shareholder meeting. Eminence Capital LLC, a New York hedge fund that owns 4.9 percent of Bank stock and is the largest Men's Wearhouse shareholder, asked a Delaware court Monday to force Jos. Bank to consider the rival chain's $1.61 billion hostile bid and to block Bank from acquiring another retailer to derail the bid. Eminence plans to nominate to the board two "highly-qualified, retail industry experts who will be committed to maximizing shareholder value," Ricky C. Sandler, Eminence CEO, said Tuesday in a statement.
BUSINESS
By Lorraine Mirabella and Natalie Sherman, The Baltimore Sun | December 23, 2013
Just as its offer to buy its rival was rejected, Jos A. Bank Clothiers Inc. spurned a $1.2 billion turn-table acquisition bid by Men's Wearhouse Inc. on Monday, but most observers still believe a merger is inevitable. Responding to Men's Wearhouse's Nov. 26 bid, Bank, which is headquartered in Hampstead, announced that its board determined the proposed $55 per share price "significantly" undervalued the chain and was not in the best interest of shareholders. The retailer, which runs 629 stores in 44 states, also repeated earlier statements that it continues to eye potential acquisitions of its own. "Our board undertook a thorough review and determined that the per share consideration in the proposal made to us by Men's Wearhouse was simply not in the best interest of our shareholders," Robert N. Wildrick, Bank's chairman, said in a statement.
HEALTH
By Andrea K. Walker, The Baltimore Sun | December 9, 2013
The University of Maryland Medical System has completed its merger with Upper Chesapeake Health in Harford County, four years after the medical institutions agreed to affiliate. Upper Chesapeake includes the 185-bed Upper Chesapeake Medical Center in Bel Air and the 89-bed Harford Memorial Hospital in Havre de Grace. The health system is now named University of Maryland Upper Chesapeake Health under the merger. Since partnering, UMMS has brought more specialty services to Harford County's fast-growing populations, which now stands at 248,000 residents.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | December 9, 2013
A merger of the top two U.S. food distributors, Sysco and US Foods, could mean cutbacks at facilities in Severn and Jessup that employ hundreds of workers and sit fewer than 10 miles apart as a combined company consolidates operations across the United States. Sysco Corp. announced Monday that it plans to buy US Foods Inc., based in Columbia until a 2007 buyout, for about $3.5 billion in a deal that will create a company commanding at least a quarter of the $235 billion North American market.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | November 12, 2013
Jos. A Bank Clothier's bid for Men's Wearhouse gained new life Tuesday. Under pressure from its largest shareholder, Men's Wearhouse may reconsider a bid to merge with Jos. A. Bank Clothiers Inc. Houston-based Men's Wearhouse is asking its financial advisers to review Jos. Bank's $2.3 billion offer, according to a letter from Eminence Capital, which owns 9.8 percent of the chain's common stock. Last week, the New York hedge fund demanded the company consider Bank's acquisition proposal, which Men's Wearhouse previously rejected as too low. The advisers will present the proposal and other potential options to the Men's Wearhouse board, according to the letter from Eminence CEO Ricky C. Sandler to Men's Wearhouse CEO Doug Ewert, which was released Tuesday.
NEWS
By Carrie Wells, The Baltimore Sun | October 8, 2013
A federal judge ruled Monday that Maryland hasn't done enough to help the state's four historically black colleges and universities overcome segregation-era policies that required separate programs for white and black students. In the ruling, U.S. District Judge Catherine Blake found that state universities have continued to unnecessarily duplicate the programs of the four historically black institutions, violating the constitutional rights of those students. Plaintiffs had argued that the historically black colleges were hurt because neighboring institutions offered similar programs, siphoning away students.
NEWS
July 25, 2013
July 25 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** Dell Inc founder Michael Dell raised his $24.4 billion bid by less than 1 percent just hours before it was to be put to a vote, tacking on a controversial demand to change voting rules to make it easier for him to buy and take the No. 3 personal computer maker private. ** Publisher Axel Springer AG struck a 920-million-euro ($1.22 billion) deal to sell some of Germany's best-known newspapers and magazines, severing its oldest roots to intensify its focus on digital media.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 17, 2013
In less than a week, three bank acquisitions, one involving the parent of Baltimore County Savings Bank, have been announced in the Mid-Atlantic region. The burst of activity suggests the start of a long-anticipated wave of mergers. "The industry has been anticipating a tipping point in regards to mergers and acquisitions," said Anita Newcomb, a Columbia-based banking consultant. "Still, it's difficult to say if this is the tipping point. " At the end of March, Maryland had 77 banks, and only 14 had assets of at least $500 million, a size that many banking experts say is needed to thrive in a climate with increasing regulation and stiff competition.
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