men's wearhouse and jos a bank strike a $1.8 billion deal. we will see how one of the world's most popular helicopters . to our viewers in the united states and to those of you joining us around the world, welcome. we have full coverage of the stocks and stories making headlines today. megan hughes focuses on malaysia flight 370 black box flight recorder. we are receiving word from the malaysian military indicate it has radar evidence showing the missing boeing 777 jetliner changed course and made it to the malik a straight. -- strait. it injects new mystery into the disappearance. radar at a military base detected the airliner at the northern approach to the strait. the aircraft was believed to be flying low. ap reports the officials spoke on condition of anonymity because of the sensitivity of the information. from nine countries are hoping to find the black box that could hold the key to the mystery. we are joined by megan hughes. do we know what happened to the transponder? >> a lot of moving parts. is a hugeonder, this question. it is co

with men's wearhouse buying in smaller rival for $65 per share. is a wailing siren marking the moment the earthquake and tsunami hit three years ago in japan, more than 18,000 people were killed. and that ceremony was one of many around the country to mark the anniversary in tokyo. the prime minister let a silent prayer service. he was joined by the services of japan's emperor and his wife. in caracas, venezuela, small groups of protesters kept up the battle with police as demonstrators threw objects and police fired tear gas. street clashes have been a daily incurrence over the last three weeks and 21 people it died so far. on the disputed area of crimea, pro-ukrainian rally outside harlem and comes as lawmakers approve a plan to declare crimea an independent state if the residents vote to split from ukraine and the vote is scheduled for this sunday. few thingsden has a to say about internet security. he spokevia video chat from moscow to an audience of 3000 gathered at sxsw which was rerouted through seven different proxy servers hence the scree

bank wearhouse, joseph a retailers. moving closer to a potential merger. it would be a miracle.n a battle five months. joseph a bank offered to buy the smaller company, $65 a share. we are also watching kroger. for "on the markets," -- ♪

men's wearhouse, joseph a bank has reached an agreement to share the confidential information, movingswear rivals closer to a potential merger. >> looks like it is full steam ahead. for a long time, you know, the bank was resisting men's wearhouse, overturning the bid, beating it back, announcing a crazy deal to buy eddie bauer, making itself a your and more improbable. now the two are sitting at the table. banks looks like a hero because they are getting that $65 per share that it wanted all along. again, even if the two sides agree on price, it is not a done deal. >> there are many more hurdles. >> there are. this deal obviously raises some antitrust scrutiny, right? one thing i had been hearing is that if they want to be difficult, which they have been over this entire process, that could bring them some protection in case regulators do not sign off on the deal, which could make men's wearhouse somewhat uneasy, complicating the negotiations going forward. or example, often times unusually in these situations sometimes the acquirer in this case would demand something called a hell o

it's official -- men's wearhouse and joseph a bank have a deal. men's wearhouse will buy joseph. a bank for 1.8 billion dollars.the two mens clothiers have been in a heated back-and- forth for months over which outlet would be taken over - or sold - to the other. the deal has men's wearhouse buying its smaller rival for cash at $65 per share. that is above the company's prvious bid of $63.50 per share. darden restaurant group files plans to spinoff its red lobster chain. and reportedly is still pursuing a possible sale of red lobster .. if a spin-off goes through shareholders would receiver one share of the new red lobster seafood company stock for every share of darden that they own. mcdonald's takes action after another round of disapppointing sales results. the burger chain says it will refocus on basics while still introducing new items and simultaneously promoting its breakfast menu. all this according to mcdonald's cfo pete bensen. as we told you yesterday, mcdonald's global sales fell three-tenths-of-a percent in february, a bigger-than-expected drop. popular greek yogurt

men's wearhouse entering a non-disc is are packed with joseph a bank.oost the offer price. this is bloomberg "surveillance." ♪ >> good morning, everyone. bloomberg "surveillance." we deteriorate. -21 .30.the dead dow futures -100 87. further yen strength to a fragile morning. march 3 top headlines. here is cory johnson. >> today is the first day the story -- that the trial begins in south africa today. the blade runner accused of killing his girlfriend on valentine's day 2013. he was once listed as the most influential people and has pled not guilty to the charges. pimco turning more bearish on canada. cutting exposure to canada, cutting debts and half. they warned the canadian housing market is overvalued and prices will begin to fall this year. crackdown president on terrorism, following an attack of the train station that killed 30 three people over the weekend. a group of more than 10 stormed into the station saturday. no group has claimed responsibility for it the attack. >> scarlet fu with us. we look at the dynamic between i will say western chin

the latest was between men's wearhouse -- men's wearhouse.will increase its offer from $65 per share to 63. cristina alesci has been all .ver the men's fashion from a does it look like the deal is finally getting done? >> it looks like it is full steam ahead, for sure. for a long time, banks were resisting them, beating it back, announcing a crazy deal to buy eddie bauer in an attempt to make itself bigger in, nation with men's wearhouse. more improbable now that you are sitting at the table, and banks kind of look like a hero because it is getting the money it wanted all along, but even if the two sides agree on price, it is not a done deal. >> because there are many more hurdles. >> there are. this deal raises antitrust scrutiny. regulators will have to sign off on it. if thing i've heard is that it wants to be difficult, which it has been over the entire demand, it could protections from men's wearhouse in k's regulators do not sign off on this deal. that could make men's wearhouse e -- uneasy. it could complicate negotiations going forwar

bank first tried to acquire men's wearhouse, they turned it down and came back. tried to acquire them and now it looks like we do have a deal. shares of men's wearhouse spiking. >> long road to a deal looks finally done. thanks. do we still have jon fortt with us? >> i'm here. >> in the last week or so we had someone on from cortz who thought spotify was laying the groundwork to work for a ipo. maybe the timing for this sort of thing from apple is not an accident. >> maybe not. spotify has been making aggressive moves, taking even mobile streaming to a free model in some cases. apple is gaining some momentum. ing looking to continue that with ios 7.1 which just came out yesterday. that has even more features associated with itunes radio which should make it easier to buy albums. also to search for different stations. we'll see this play out throughout the year. see what apple is able to layer on mid year when we expect to see ios 8, maybe some more streamings, more service plays there. >> jon, thanks so much, jon fortt on the floor of the new york stock exchange.

men's wearhouse up to $57.14. joseph bank rose about 4% to $64.22 and j.c. penney got an upgrade from citi. it rates the retailer a buy instead of neutral. it says it believes the retailer can continue to deliver positive same store sales as it makes changing like updating its merchandise selection. another retailer, dick's sporting goods says fourth quarter profit rose almost 7% driven by an increase in sales. 9 ceo says they should see double-digit earnings growth per year. up to $56.57. >>> both fannie mae and freddie mac tumbling after lawmakers released a blueprint for a housing finance reform proposal. the senate banking committee said it would soon release a draft bill that would wind down the government-owned mortgage companies. that bill would replace the financiers with a new government reinsurer. fannie mae fell 32% to $3.95 and freddie mac was down about 27% to $4.04. and shares of plug power tumbling after sit ron research says the stock is worth about 50 cents a share. the author of the note analyst andrew luck says there are no profits, no uni

bank trying to buy men's wearhouse. men's wearhouse responded to an offer by offering $1.5 billion. it will be the fourth biggest men's retailer in the country with about $3.5 billion in sales. jos a bank will end its deal with eddie bauer. >> bertha, thank you very much. buy one suit, get three free. >>> several developing angles right now on that search for that mystery malaysia airlines flight 370. phil lebeau with details from chicago. >> reporter: still no indication about what happened with this flight after four days of searching. the only thing we know for sure is that they have expanded the area being searched. initially, you see where the plane is located there, that was the last known location. that's where most of the search was focused over the first three days. now if you go to the west, look at the strait, that is where the search is concentrating. why are they looking there? malaysian military says radar indicated flight mh 370 turned west from its last known location and was actually tracked going into the strait of malacca. they have found no debris or anything lin

you have been on the board of men's wearhouse, for example, right? this is a company that provides clothing, apparel. they were just involved, jos. a. bank, try to create a much larger company. is that for the shareholder? or do they say, let's ask deep ak, how is this going to affect all of us? >> as a member of the board of men's wearhouse, my function, there was governance and ethics. thes always looking out for employees and the customers, and of course aware of the investors' needs. this merger if the fcc -- if the sec approves of it, i think it will make things much better for the customer. they will provide a wider selection of clothing, less expensive, and no conflict between two to competitors. from my point of view, it is a successful some of the thing to do for all parties involved, including the investor. that exampletake and say we have our boardroom with deepak chopra as a board member -- >> a government committee. >> and in walks in president obama and vladimir putin. is there a process, is there a conversation you take them through? >

. >>> following months of on again/off again negotiations men's wearhouse agreed to buy jos a. bank. they have over 1,700 u.s. stores. the two chains have been negotiating for months over whom would buy whom. >>> california is considering how to regulate how to use driverless cars. they could be widely available by the end of the decade. at yesterday's hearingishes about testing, safety, and privacy dominated. by year's end dmv must decide how to integrate cars onto public roads. >>> and president obama pushed for a hike during minimum wage during a shopping spree here in new york. the president stopped at gap store yesterday during a trip to attend democratic fund-raisers. mr. obama praised the gap's decision to raise the minimum wage to $10 an hour. he bought sweaters for his daughters and a workout top for the first lady. >>> coming up on the "morning news," new jersey's bridge scandal heads to court. a former aid to governor chris christie makes her first public appearance in months. >>> and -- >> i have to say that when i heard that like people actually watch this show, i

. >> number five is men's wearhouse, up slightly after they reached an agreement to share confidential with joseph a bank, moving the companies closer to a potential after several-- failed attempts, raising stock to $65 per share if discussions reveal a higher price point warranted. mergers, there is no such thing as an exclusive merger. >> i was going to say that joseph a bank and men's wearhouse were getting on my nerves. i think that shareholders probably feel the same way. they want them to either consummate this thing or be done with it. >> unless you are getting an offer of 20 or 30 from a few months ago and now you are getting 365. >> i am just waiting for carl to get involved. >> the financial times, r.j. reynolds says they are employing a bid for a rival cigarette maker. any offer would be likely to value them at over $20 billion. although it is not clear if their plan to bid -- if they are planning to bid for all or part of the company. >> number three, darden, down six percent, the company is reported -- reporting diluted winter weather that caused lower sales and higher dir

men's wearhouse is number five.ing after men's wearhouse finally agreed to by joseph a bank for one point $8 million ending a five-month takeover battle. it felt like forever. i'm kind of dissipate -- i'm kind of disappointed it's over. tothey will determine exterminate the agreement with eddie bauer. they may not condition of the $65 per share bid. doesn't exist anyway. >> so you say. >> when the last time you heard of eddie bauer? back in the first generation ford explorer? the eddie bauer edition. >> that is how matt dates things, buy cars. >> reporting an increase in first-quarter profit as they continue to struggle about getting the brand back on top as a top priority. risingtronic arts been to its highest level since 2008 after the release of titanfall. it is the game for xbox one that people think will boost this console back over sony. ea got an upgrade from piper jaffray on the release. >> one of the worst performers in the s&p 500 down about five percent in the justice department is to approach the handlin

executives with men's wearhouse and jos a bank are talking merger. the retailers reached a non-disclosure agreement monday. this is the latest chapter in a months-long drama that has seen each company try to take over the other. being an activist has really paid off for carl icahn. his company, icahn enterprises made a one billion dollar profit in 20-13, up 144% from last year. icahn tells shareholders it's because of its activist investment strategies. he says this eliminates "mediocre ceos and wasteful bureaucracy." icahn has made his mark on companies including apple, herbalife, and forest labs. shares of icahn enterprises closed out the day up 1%. citigroup's cfo is calling the banks alleged accounting fraud in mexico-- an "isolated incident". the comment was made monday at an investor conference. citigroup admited last week, the incident happened at its mexican subsidiary "banamex". bank officials say they took immediate action and are cooperating the investigation. citi has received a subpeona from the fdic. a subpeona has also been issued to p

speaking of integrating, men's wearhouse and joseph a bank is integrating. the deal ends a five-month takeover battle between the two retailers. they will also do a separate deal to buy another brand and $300 million of its own stock. a billionaire is renewing his attack on the nutrition and weight-loss company herbalife. he says that they violate direct selling laws. they responded saying that they remain confident in china. their chinese model is in compliance with regulation. caesars had a net loss after the largest owner of u.s. casinos reported losses. they lost $1.7 billion. dianne feinstein took to the senate floor today to take on the cia. she accused the agency of improper and possibly criminal actions by searching a special computer network. chief washington correspondent peter cook talked to senator marco rubio about the accusations. >> let me just say that i think that story has two sides. it is more complicated than what is being put out there. at the end of the day, there should be an impartial investigation as to what happened. you may find ou

just of a bank and men's wearhouse have entered into a nondisclosure agreement, indicating a possibler. they have dissipated -- participated in previous failed attempts to merge. expiring march 12. quite the harsh winter weather continues to cause a headache for flight travelers. for billion in missed trips passengers. snowballing d.c. and caused a conflation of 4500 flights today. -- snow falling in d.c. and philadelphia caused a cancellation of 4500 flights today. >> small business owners president ands jodieinvestment officer mclean, and sid mashburn. just described to me what is the conference? what is the intention? >> the intention of the conference is to bring together some of the very best minds in retail, doing unique things. level, andortar integrating e-commerce and what they are doing. point of specific view, and our role is to build community. our whole perspective is to bring people together in a human analog format. bringinghat is really in these unique retailers. the consumer wants to spend their time and differentiate the different places. there isn't as many resource

men's wearhouse and jos a bank strike a $1.8 billion deal.ne of the world's most popular helicopters . to our viewers in the united states and to those of you joining us around the world, welcome. we have full coverage of

it does appear according to the times, not my reporting, the price is up from $63.50 for men's wearhouseeddie bauer deal. more intriguing is the fact you have men's wearhouse stock up gann a again and the potential transaction. we will await word from the companies but wanted to share that with you given the stocks are moving higher. joseph a bank's not discounted much there at 64.20. we'll take time. might be a tiny bit of antitrust. not necessarily good for some people who rely on their advertising. >> like newspaper? >> i can't imagine what you're talking about. >> who knows. consolidate an ad budget and -- >> yeah. on of the painful thing about mergers and buyouts. david, thanks for bringing it to us. >>> scott wapner, you're going to have lot to work with this afternoon. >> a lot of good stories today. retail, bill ackman is a couple hours ago from his next presentation on herbalife. you guys had a great show. have a great rest of the day. here's the game plan. bubble trouble with some parts of tech. parting like it's 1999 all over again. is it time to worry? >>> ackman versus herba

senate banking leaders announced plans to eliminate companies ask a new bill that will do it men's wearhouseeaching a deal to acquire joseph a bank. a 56% premium to joseph abank share price when this started. u.s. military present on russian border is being increased, as many as 12 if/16 arrived in poland, deficien defense department, saying this was a preplan exercise. guided missile destroyer, remaining only one in the black sea, and 6. >> and on the ukraine border. all of this disci'spite despite a new few research show -- pew research shows, 56% say united states is note get involved. general, by just about 60% people say don't get involved. this administration is going in the opposite direct, is it not? >> they are. but i think they are doing the right things. it was probably same percentage when hitler took over the ryan land. then he took over austria, then over -- then americans did not probably 80% did not want it, i am concerned with what is going on. i think nato must show resolve, our european partners must show resolve, we must work this problem. this most dangerous situation i

men's wearhouse has sewn up a deal to acquire joseph a. bank.billion deal that will create the fourth largest men's clothing retailer in the u.s. >>> most dads spend time working on the road they know homecomings go smoother if they come bearing gifts. turns out president obama is one of those dads. >> while in new york, he stopped off at a gap store. to pick up a few things for the ladies in in his life. he rejected a sales lady's suggestion of v-neck sweaters for his daughters saying he was worried they would slip off their shoulders. he chose button-down crew necks. going be conservative. after considering socks for the first lady, he went with a blue workout jacket. >> very little spontaneous life of a president but spokesman says the president chose the gap to make a pitch for the minimum wage. and to show support for the chain's voluntary decision to increase wages. >> so not just an innocent shopping trip. an agenda there as well. you can tell he doesn't do this very often because they say he had trouble swiping his credit card and signin

joseph a bank is growing twice as fast, twice as fast as men's wearhouse.hat can they teach its new owner men's wearhouse about growing the business? they awful lot, assuming want to take advantage of the management we have. we have gone from 20 million of 1.8et value in 1999 to billion dollars, which would just offer men's wearhouse. phenomenal picture of what board and management and leadership can do. joseph are advising bank. gilbert harrison, a legend in the retail advisory business as the chairman and founder -- thank you for joining us. wins outdge fund because it owned about 5% of joseph a bank and 10% of men's wearhouse. they got out pretty well in the end. that is something we will continue to monitor. are you wearing joseph a bank? >> no, this is somebody else. a new bowtie. >> do you? >> i literally wearing my father's hand-me-down blazer here. >> you need a blue statement with the brass buttons. >> that was the first advise tom keene to me when i came to bloomberg. >> buy a blue blazer? are you going to prep school? >> he is a good-looking man.