FTC seeks more on Men's Wearhouse deal |
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Wed, 31 Jan 2007 23:23
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HOUSTON (AFX) - Men's Wearhouse said Wednesday that the Federal Trade Commission has requested more information on the company's pending acquisition of Federated Department Stores Inc.'s After Hours Formalwear.The effect of the FTC's so-called second request is to extend the waiting period before the commission takes action on the transaction. Once the two companies have certified that they have substantially complied with the request, the commission will have 30 days to decide on the deal, an FTC spokesman said.Men's Wearhouse said Nov. 17 that it would purchase Federated's 507-store After Hours business for approximately $100 million. The two companies initially expected the transaction to close in the first quarter of 2007. As a result of the FTC's request, the two companies said Wednesday they now expect it to close in the first half of the year.Shares of Men's Wearhouse rose 6 cents to close at $42.94 on the New York Stock Exchange, while shares of Federated jumped $1.14 to $41.49, or 2.8 percent, to close at $41.49 on the NYSE.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Men's Wearhouse redeems senior notes 