Tags: Jos A Bank | Mens Wearhouse | Bid | Talks

Jos. A. Bank Rejects Men's Wearhouse's $1.78 Billion Bid

Thursday, 27 Feb 2014 06:45 PM

Jos. A. Bank Clothiers Inc. rejected Men’s Wearhouse Inc.’s sweetened $1.78 billion bid while saying that it would meet with its suitor to see how high of a price it would be willing to pay.

The current proposal is inadequate, and Jos. A. Bank’s separate agreement to acquire Eddie Bauer wold create significant value for shareholders, the Hampstead, Maryland-based company said in a statement.

The rejection threatens to prolong a takeover battle that Jos. A. Bank started in October with its own offer for its larger rival. Men’s Wearhouse turned down that proposal and countered with bids for Jos. A. Bank, all of which were rejected as too low. Jos. A. Bank earlier this month agreed to buy Eddie Bauer in a deal that may create a company too big for Men’s Wearhouse to acquire.

Jos. A. Bank rose 3.2 percent to $62.25 at 5:20 p.m. in late trading in New York. Houston-based Men’s Wearhouse climbed 3.1 percent to $52 in late trading.


© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Jos. A. Bank Clothiers Inc. rejected Men's Wearhouse Inc.'s sweetened $1.78 billion bid while saying that it would meet with its suitor to see how high of a price it would be willing to pay.
Jos A Bank,Mens Wearhouse,Bid,Talks
163
2014-45-27
Thursday, 27 Feb 2014 06:45 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved