Reuters reported the deal for K&G citing four people familiar with the matter, but said they did not know how much Sycamore had offered for the business.
K&G, which sells discounted goods from brands including Calvin Klein, represented 15 per cent of Men’s Wearhouse’s net sales of $2.5bn in the 2012 financial year.
Jos A. Bank planned to fund its non-binding $48 per share offer with $300m in debt, cash and equity provided by private equity firm Golden Gate Capital.
Men’s Wearhouse said the offer, which valued the group at more than eight times its EBITDA, undervalued its “strong prospects for continued growth and value creation.”
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