Men's Wearhouse is turning the tables on its recent pursuer, offering to buy Jos. A. Bank for about $1.54 billion. The offer comes less than two weeks after Jos. A. Bank withdrew its $2.3 billion bid for its rival. Men's Wearhouse Inc. is offering $55 per share for Jos. A. Bank Clothiers Inc. That's a 9 percent premium to the company's $50.32 Monday closing price. Men's Wearhouse lead director Bill Sechrest said Tuesday that acquiring Jos. A. Bank has “strategic logic” and could benefit its shareholders, workers and customers.
Chrysler will not move forward with an initial public offering until next year at the earliest, giving its parent company, Fiat, more time to negotiate the purchase of a 41.5 percent stake held by a union health care trust. Fiat said this week that it was not “practicable” for Chrysler to proceed with the offering before the end of 2013. The decision was made by Chrysler's board.
Ford is recalling the Escape small SUV again, this time to fix oil and fuel leaks that could cause engine fires. The hot-selling SUV has been recalled seven times since it was redesigned and went on sale in the spring of 2012. The first of two recalls announced Tuesday affects more than 161,000 Escapes worldwide from the 2013 model year with 1.6-liter four-cylinder engines. Ford says the cylinder heads can overheat and crack, causing oil leaks. Of those SUVs, fuel lines on about 12,000 may have been installed incorrectly. They could become chafed and leak gas. Ford says the oil leaks caused 13 fires but no injuries.
Motorola will start selling a cheap smartphone in the U.S. more than a month ahead of schedule. The company says it was able to produce the Moto G phones faster than expected. The U.S. launch was initially planned for January. But it is going on sale Tuesday. The phone starts at $179 without a contract requirement. That compares with $600 or more that people must typically pay for high-end phones without traditional two-year service agreements. It won't work on the faster 4G LTE networks.