Headlines

Jos. A. Bank Rejects Men’s Wearhouse Bid

Calls the recent takeover offer “inadequate”

Published

10 years ago

December 24, 2013

steve kaufman

Jos. A. Bank Clothiers Inc. (Hampstead, Md.) has rejected the acquisition bid from Men’s Wearhouse Inc. (Houston), leaving the two specialty apparel retailers back where they were this summer.

Jos. A. Bank had begun the back-and-forth by twice making offers for Men’s Wearhouse, which rejected both bids, for being inadequate and because the company felt it had a better turnaround plan.

Jos. A. Bank called the Men’s Wearhouse offer inadequate. “The company’s board of directors concluded that the price proposed by Men’s Wearhouse significantly undervalued the company and its near and long-term potential and was not in the best interest of the company’s shareholders,” it said in a statement.

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