Reuters: Global Markets: BeaconLight asks retailer Jos A Bank to return cash to investors

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BeaconLight asks retailer Jos A Bank to return cash to investors Aug 13th 2013, 20:01 Tue Aug 13, 2013 4:01pm EDT (Reuters) - Jos A Bank Clothiers Inc (JOSB.O) came under fire from investment manager BeaconLight Capital LLC who demanded a reorganization of the men's apparel retailer's board and return of cash to shareholders. Shares of Jos A Bank Clothiers rose as much as 13 percent on the Nasdaq on Tuesday. " We believe that the (Jos A Bank) stock should be worth $70 per share even at a discounted multiple to its peers," BeaconLight said in a letter to the retailer on Tuesday. The investor demanded Jos A Bank to immediately return all of its cash to shareholders, preferably through share buybacks. The letter comes at a time when activist investor William Ackman stepped down from J.C. Penney Co Inc's (JCP.N) board after a failed two-year attempt by his Pershing Square Capital Management hedge fund to remake the company into a more upscale retail chain.

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