Nov. 26 (UPI) -- Men's Wearhouse has put in a bid to buy out its smaller competitor, Jos. A. Bank, for $1.5 billion in cash. The merger would expand Men's Wearhouse operations to almost 1,700 stores, to make it the fourth largest U.S. men's apparel retailer.
The offer is about $55 per share, up 8.7 percent from Jos. A. Bank's Monday closing price. Men's Wearhouse's largest shareholders have been pushing the company to make a deal. Both Men's Wearhouse and Jos. A. Bank shares ticked upward Tuesday morning.