“I read about it in law school, but it is rarely done,” says Steven Seidman of Willkie Farr & Gallagher about the Pac-Man defense he employed to help Men’s Wearhouse Inc. beat back an unsolicited takeover bid by smaller rival Jos. A. Bank Inc., only to gobble up the bidder itself for $65 per share.
But the Pac-Man tactic wasn’t the only notable twist in the battle of the haberdasheries. Men’s Wearhouse ended up paying a 56 percent premium per share for Bank, thanks, perhaps, to a novel termination clause in a merger agreement between Jos. A. Bank and Eddie Bauer crafted by Skadden, Arps, Slate, Meagher & Flom’s Paul Schnell and Jeremy London.
