Jos. A. Bank Clothiers Inc. (Hampstead, Md.) has said it’s willing to consider raising its $2.3 billion takeover bid for larger competitor Men’s Wearhouse Inc. (Houston) after the offer was peremptorily rejected last month.
Jos. A. Bank chairman Robert Wildrick said in a letter sent to Men’s Wearhouse that he would consider increasing the offer if his company was given access to non-public information so it could conduct limited due diligence. Men’s Wearhouse was given until November 14 to engage in “good faith discussions.”
Men’s Wearhouse rejected the previous offer the same day it was made, saying it undervalued the company and wasn’t in the best interest of investors. The retailer has adopted a shareholder rights plan that lets investors buy its stock at a discounted price when someone acquires 10 percent or more of the common shares in a transaction not approved by the board.