Men's Wearhouse rejected an unsolicited $2.3 billion takeover bid by Jos. A. Bank Clothiers on Wednesday, calling the proposed deal “highly opportunistic” and likely to draw antitrust scrutiny. Jos. A. Bank proposed paying $48 a share in cash for Men's Wearhouse, 36 percent above its closing stock price Tuesday. But the Men's Wearhouse board said the bid undervalued the company and was not in the best interests of shareholders. The rejection sets up a potential battle between two of the country's biggest retailers of men's suits.
Stock certificates issued by the Walt Disney Co. are heading off to Never Never Land. The stock, which features images of Dumbo, Bambi, Mickey Mouse, Cinderella and other Disney animated characters, have long been a collector's item and are pitched by numerous online vendors as a way to teach children about investing. However, U.S. corporations have been switching to electronic stocks for years and on Oct. 16, Disney will follow suit. The company said it was making the change “to create a more secure and efficient system.”
Samsung Electronics said it will release a smartphone with a curved display — and a $1,000 price tag. The Galaxy Round has a curved 5.7-inch screen using advanced display technology called organic light-emitting diode, or OLED, technology. The Korean company said such a curved screen smartphone is the first in the world. Samsung said the curve will make it easier to grip. The high-end gizmo has some features that make use of the display's curve, such as playing the next song in a music playlist by tilting the phone to the left or to the right.
The government forecast this week that most households will pay more for heat this winter. Heating oil users will catch a slight break, but still pay near-record prices to keep warm. Prices for natural gas, electricity and propane should be higher, the primary reason that more than 90 percent of U.S. homes will incur higher heating expenses. Natural gas users will see the biggest percentage increase after two years of historically low prices.