Jos. A. Bank Clothiers has rejected a $1.5 billion takeover bid by
Men’s Wearhouse, the latest move by the retailers.
Men’s Warehouse offered $55 a share for Jos. A. Bank.
stores, offered $2.3billion to buy its larger rival, which has 1,100 stores.
It was a turnabout from October, when the smaller Jos. A. Bank, with 600
Men’s Wearhouse said the bid undervalued the company. Jos. A. Bank basically said the same thing on Monday.
“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,” said company chairman Robert Wildrick.
Hmmm, maybe if Jos. A. Bank offered three shares of its stock for every two shares of Men’s Wearhouse, they could work out a deal.