In November 2013, Men’s Wearhouse made an unsolicited offer to acquire Jos. A. Bank, just weeks after rejecting a hostile offer from Jos. A. Bank. Jos. A. Bank initially rejected the “Pac Man” counteroffer, but ultimately agreed to a sweetened offer from Men’s Wearhouse.
Besides Men’s Wearhouse’s counteroffer, there have been only a handful of cases where the Pac Man defence was actually employed, the most recent being in 1999.
Originally published in Expert Guide: Mergers & Acquisitions 2014 on May 30, 2014.
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Topics: Acquisitions, Bylaws, Delaware General Corporation Law, Greenmail, Hostile Takeover, Jos. A. Bank, Pac Man, Shareholder Votes, The Men's Wearhouse
Published In: Civil Procedure Updates, General Business Updates, Mergers & Acquisitions Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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