Jos. A. Bank Clothiers Inc. terminated its proposal to buy Men's Wearhouse Inc., but did not rule out another bid in the future.

Jos. A. Bank had said it would terminate its proposal if the board did not engage in good faith negotiations by Nov. 14.

"[If]... we are invited by the Men's Wearhouse board to discuss our acquisition ... or if circumstances were otherwise to change, Jos. A. Bank may consider whether a new proposal to acquire Men's Wearhouse is warranted," the company said.

Jos. A. Bank offered to buy Men's Wearhouse in October for about $2.3 billion, or $48 per share, in cash but was swiftly rebuffed by its larger rival, which dismissed the offer as inadequate.

Men's Wearhouse, which ousted founder George Zimmer in June, also adopted a poison pill to prevent a hostile takeover.