Business digest: Jos. A. Bank rejects Men's Wearhouse's takeover bid

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Posted: Tuesday, December 24, 2013 12:00 am

Jos. A. Bank has rejected a takeover offer from competitor Men’s Wearhouse, saying the $1.54 billion bid is too low. Men’s Wearhouse said Monday that it will “carefully consider all of our options to make this combination a reality.” That may include a proxy battle. Men’s Wearhouse said it could nominate director candidates at Jos. A. Bank’s next annual meeting. In September, Jos. A. Bank offered to buy its larger rival for $2.3 billion. Men’s Wearhouse turned down that offer, and after Jos. A. Bank dropped the bid, Men’s Wearhouse turned the tables with its own offer.

Americans increased their spending in November by the most in five months, and their income edged up modestly. The Commerce Department said consumer spending rose 0.5 percent from October, when spending had risen 0.4 percent. It was the best showing since June. The gain was driven by a jump in spending on long-lasting durable goods such as autos. Consumers’ income rose 0.2 percent, an improvement from a 0.1 percent decline in October. Wages and salaries, the most important component of income, rose a solid 0.4 percent.

SoftBank Corp. CEO Officer Masayoshi Son is exploring a deal for Sprint Corp. to buy the majority of T-Mobile US Inc. in 2014 and has discussed financing a bid with banks such as Credit Suisse Group AG, Mizuho Bank Ltd. and Goldman Sachs Group Inc.,people familiar with the matter said. Son is looking for about $20 billion to finance a bid. The plan would be to take control of T-Mobile by paying cash for the 67 percent stake owned by Deutsche Telekom AG. Sprint would then be integrated with T-Mobile, combining the third- and fourth-largest U.S. wireless carriers.

Aldi Einkauf GmbH, the German-based discount grocer, will open 650 new U.S. locations by 2018, increasing its store count by 50 percent as it expands across the nation. Closely held Aldi plans to invest about $3 billion to open 130 stores a year, to reach 1,950 by 2018, and build a regional headquarters and distribution center in Moreno Valley, Calif., the company said. The expansion will create about 10,000 jobs, it said.

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