View Count: 111 |  Publish Date: December 23, 2013
Jos. A. Bank rejects Men's Wearhouse takeover offer

Jos. A. Bank announced Monday it has rejected a late November takeover bid from rival Mens Wearhouse, saying the offer undervalued the company.
Our board undertook a thorough review and determined that the per share consideration in the proposal made to us byMens Wearhousewas simply not in the best interest of our shareholders, said Robert N. Wildrick, Jos. A. Banks chairman.
The two retailers have in the past months been playing a game of cat-and-mouse as each company has tried to acquire the other.
In October, Jos. A. Bank Clothiers Inc. offered to buy Mens Wearhouse for $2.3 billion, but the offer was rejected because Mens Wearhouse executives believed the bid undervalued the company.Then, in late November, Mens Wearhouse turned the tables and offered to acquire Jos. A. Bank for $55 a share, for an estimated $1.2 billion. Mens Wearhouse said Monday that represented a 45% premium over Jos A. Banks unaffected enterprise value and 32% over the companys closing share price on Oct. 8, the day before Jos. A. Bank bid for Mens Wearhouse.
In a statement, Mens Wearhouses executives expressed surprise at the rejection.
Given Jos. A. Banks repeated expressions of interest in engaging in good faith discussions about a possible combination with Mens Wearhouse, we are surprised that Jos. A. Bank has rejected our proposal, the company said in a statement.
Shares for both companies were down Monday after news of the rejected takeover proposal. Mens Wearhouse shares were trading at $51.47, down $0.54, or 1.04%. Shares for Jos. A. Bank were down $0.12, or 0.21%, to $56.91.
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Time: 17:36  |  News Code: 353281  |  Site: L. A. Times
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