Men’s Wearhouse Inc. agreed to buy smaller rival Jos. A. Bank Clothiers Inc. for about $1.8 billion in cash, ending a five-month takeover battle between the two menswear retailers.
Both companies’ boards have approved the transaction, the retailers said today in a statement. Jos. A. Bank also will terminate a separate deal to buy the Eddie Bauer brand and cancel a plan to buy as much as $300 million of its own stock.