Jos. A. Bank Rejects Latest Men's Wearhouse Bid
28 February 2014 - 10:20AM
Dow Jones News
Jos. A. Bank Clothiers Inc. rejected Men's Wearhouse Inc.'s $1.8
billion takeover as "inadequate," but left open the possibility of
ultimately agreeing to a tie-up between the two companies.
In a statement, Jos. A. Bank said it rejected Men's Wearhouse's
$63.50-a-share offer, the company's latest bid in a long-running
takeover saga. Men's Wearhouse had said it was willing to increase
that offer to $65 a share if it gained access to Jos. A. Bank's
books.
In rejecting the offer, the discount men's suit retailer said
Thursday that it would be willing to meet with Men's Wearhouse and
provide the company with a limited examination of its books, known
as "due diligence, " in an effort to learn how much more Men's
Wearhouse might be willing to pay. It's the first time Jos. A. Bank
has agreed to negotiations with its rival on such a
combination.
Write to Dana Mattioli at dana.mattioli@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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