For the second time in a month, directors of Men’s Wearhouse Inc. (Houston) told Jos. A. Bank Clothiers Inc. (Hampstead, Md.) that its takeover bid undervalues the company and isn’t in the best interest of Men’s Wearhouse shareholders.
Men’s Wearhouse further denied Jos. A. Bank access to nonpublic information that it could use to assess whether to potentially raise its $2.3 billion buyout offer.
“We are enthusiastic about Men’s Wearhouse’s prospects and are confident that our own strategic plan will deliver more value to our shareholders than Jos. A. Bank’s inadequate, highly conditional proposal,” said Men’s Wearhouse ceo Doug Ewert, according to Bloomberg News.
“We are disappointed that the board of Men’s Wearhouse has rejected our request for information and thereby chosen not to explore the potential of Jos. A. Bank’s proposal for the benefit of their shareholders,” said Jos. A. Bank chairman Robert Wildrick. “Their board’s position is a matter for consideration by the shareholders of Men’s Wearhouse.”