NEW YORK, Jan. 14, 2014 /PRNewswire/ -- Eminence Capital,
LLC, which owns 4.9% of the common stock of Jos. A. Bank Clothiers,
Inc. (JOSB), today announced that it intends to nominate two
individuals for election as directors to the Board at JOSB's annual
meeting of shareholders. The firm has delivered a letter to
the JOSB Board requesting the questionnaire that potential nominees
must complete.
"We intend to nominate two independent directors at the 2014
meeting of Jos. A. Bank shareholders. Our nominees will be
highly-qualified, retail industry experts who will be committed to
maximizing shareholder value," said Ricky
C. Sandler, Chief Executive Officer of Eminence Capital.
"We are very encouraged by The Men's Wearhouse, Inc.'s (MW)
decision to submit its own slate of nominees for the JOSB 2014
annual meeting. We want it to be very clear that we intend to
support MW's nominees and we plan to withdraw our nominees if those
proposed by MW are still in the running at the time of the JOSB
annual meeting. However, given that JOSB's nomination window
will be closing soon, we feel compelled to submit our own slate at
this time to ensure both that JOSB is pursuing the combination with
MW as vigorously as possible, and that JOSB directors will be held
accountable if they approve an alternative transaction or cause
JOSB to take other action before the annual meeting that would
frustrate a transaction with MW," Sandler said.
"We continue to urge Jos. A. Bank to sit down with Men's
Wearhouse and engage in meaningful, good faith negotiations in
pursuit of a business combination on terms that could deliver
significant value for Jos. A. Bank shareholders," he added.
About Eminence Capital, LLC
Eminence Capital, LLC is
an asset management firm founded in 1998 that currently manages
approximately $4.9 billion on behalf
of institutions and individuals. The firm employs a bottom-up,
research-driven investment strategy that utilizes a combination of
industry research, rigorous financial analysis and dialog with
company management to execute its investment process.
Additional Information Regarding the Proxy
Solicitation
In connection with its solicitation of proxies
for the 2014 Annual Meeting of Jos. A. Bank Clothiers, Inc.
("JOSB"), Eminence Capital, LLC intends to file a proxy statement
on Schedule 14A and other relevant documents with the SEC.
Investors and security holders are urged to read the preliminary
proxy statement in its entirety and the definitive proxy statement
and other relevant documents when they become available, because
they will contain important information regarding the proxy
solicitation. The preliminary and definitive proxy statement
and all other relevant documents will be available, free of charge,
on the SEC's website at www.sec.gov.
The following persons are participants in any such proxy
solicitation: Eminence Capital, LLC, Eminence GP, LLC and
Ricky C. Sandler. Investors
and security holders of JOSB can obtain additional information
regarding the direct and indirect interests of the participants by
reading the Schedule 14A to be filed today with the SEC.
Forward Looking Statements
This press release may
include forward looking statements that reflect our current views
with respect to future events. Statements that include the words
"expect," "intend," "plan," "believe," "project," "anticipate,"
"will," "may," "would" or similar words are often used to identify
forward looking statements. All forward looking statements address
matters that involve risks and uncertainties, many of which are
beyond our control. Accordingly, there are or will be important
factors that could cause actual results to differ materially from
those indicated in such statements and, therefore, you should not
place undue reliance on any such statements. Any forward looking
statements made in this press release are qualified in their
entirety by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by us
will be realized or, even if substantially realized, that they will
have the expected consequences to, or effects on, JOSB or its
business, operations or financial condition. Except to the extent
required by applicable law, we undertake no obligation to update
publicly or revise any forward looking statement, whether as a
result of new information, future developments or otherwise.
Investors Contact:
Edward
McCarthy/Thomas
Germinario
D.F. King & Co., Inc.
(212) 269-5550
Media Contact:
Scott
Tagliarino/Samantha Leon
ASC Advisors LLC
(203) 992-1230
SOURCE Eminence Capital, LLC