Men’s Wearhouse is raising its offer for Jos. A. Bank Clothiers to about $1.61 billion and taking the bid directly to its rival’s shareholders. It also plans to nominate two people to the Jos. A. Bank board. Men’s Wearhouse Inc. disclosed Monday that it is now offering $57.50 per share for Jos. A. Bank, up from its prior offer of $55 per share, or $1.54 billion. Jos. A. Bank rejected the previous offer in late December, saying it was too low. Men’s Wearhouse said its tender offer expires on March 28 unless extended.
U.S. factories orders climbed in November, led by a surge in aircraft demand. And businesses stepped up spending on machinery, computers and other long-lasting goods that signal investment. The Commerce Department said Monday that factory orders rose 1.8 percent in November. That follows a 0.5 percent decrease in October. The index now stands at its highest level on records dating to 1992.
U.S. service companies expanded at a steady but slightly slower pace in December as sales dipped and new orders plunged to a four-year low. The report suggests that growth may remain modest in the coming months. The Institute for Supply Management said its service-sector index fell to 53 last month, down from 53.9 in November. Any reading above 50 indicates expansion.
Boeing Co. on Monday reported record jet deliveries for 2013 as the world’s largest planemaker sped the production tempo of its 787 Dreamliner after battery fires grounded the aircraft for three months early in the year. Boeing handed over 648 planes, a 7.8 percent increase from 2012 and the most ever in a single year, after dispatching record numbers of 737, 777 and 787s. The Chicago-based company delivered 65 Dreamliners in 2013, up from 46 in the previous year.