Jos. A. Bank rejects latest Men's Wearhouse offer

Dec. 23, 2013 at 2:28 PM
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HOUSTON, N.Y., Dec. 23 (UPI) -- U.S. clothing retailer Jos. A. Bank said Monday it had rejected the latest purchase offer from rival firm Men's Wearhouse.

The latest bid was for $55 per share. The Wall Street Journal reported the offer was the third made by Men's Wearhouse. The first, made in October, was an unsolicited offer of $2.3 billion, the Journal said.

Concerning the latest bid: "Our board undertook a thorough review and determined that the per share consideration in the proposal made to us by Men's Wearhouse was simply not in the best interest of our shareholders. At the same time, we continue to review acquisition opportunities that would represent a strong strategic fit with our company," Jos. A. Bank Chairman Robert Wildrick said in a statement.

Men's Wearhouse said it would prefer to work with Jos. A. Bank to secure a deal and that it was "surprised" at the rejection.

The firm also said it would "carefully consider all of our options," including nominating directors at the next Jos. A. Bank annual shareholder meeting.

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