In November 2013, Men’s Wearhouse made an unsolicited offer to acquire Jos. A. Bank, just weeks after rejecting a hostile offer from Jos. A. Bank. Jos. A. Bank initially rejected the “Pac Man” counteroffer, but ultimately agreed to a sweetened offer from Men’s Wearhouse.
Besides Men’s Wearhouse’s counteroffer, there have been only a handful of cases where the Pac Man defence was actually employed, the most recent being in 1999.
Originally published in Expert Guide: Mergers & Acquisitions 2014 on May 30, 2014.
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