Report says Allen Edmonds may be takeover target

Men’s Wearhouse Inc. is attempting to acquire Port Washington-based Allen Edmonds Shoe Corp., according to a Wall Street Journal report.

The newspaper’s web site reported that such a deal would complicate Jos. A Bank Clothiers Inc.’s unsolicited bid to acquire Men’s Wearhouse.

In order to pull off its cash bid for Men’s Wearhouse, an offer valued at $2.3 billion, Hampstead, Md.-based Jos. A. Bank would need to raise a significant amount of debt, the Journal reported.

The Journal estimated that the sale price for closely held Allen Edmonds would be “in the low hundreds of millions.”

Paul Grangaard, chief executive officer of Allen Edmonds, told BizTimes last week, “We’re continuing with the process that was announced this summer and we have options and we’re exploring them all at this point. The options are all about continuing to expand and grow the company. That’s why we’re looking at the potential for new capital and…we’re not ready to make any announcements at this point.”

Allen Edmonds has been crafting and selling high-quality men’s leather shoes since 1922.

Earlier this month, Jos. A. Bank offered $48 per share in cash for Houston, Texas-based Men’s Wearhouse, but Men’s Wearhouse’s board rejected that bid in part based on the price, according to a person familiar with the matter.

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