by Christopher Freeburn | December 23, 2013 11:22 am
A bid by Men’s Wearhouse (MW) to acquire a rival has been rejected.
On Monday, Jos. A. Bank (JOSB) declined a takeover offer of $55 a share. Jos. A. Banks’ chairman said that the merger terms were “simply not in the best interest of our shareholders.” The men’s apparel retailer indicated that it would continue to entertain unspecified “strategic acquisition opportunities,” Reuters notes.
Jos. A. Bank, which operates more than 600 stores nationwide, made an unsolicited $2.3 billion acquisition offer for Men’s Wearhouse in October. MW rebuffed the offer, saying it undervalued the company.
Just weeks later, Men’s Wearhouse turned around and made a bid for Jos. A. Banks, valuing its rival at $1.5 billion.
Men’s Wearhouse runs more than 900 stores under its Men’s Wearhouse, Men’s Wearhouse and Tux, Moore’s and K&G brands.
JOSB stock fell modestly in Monday morning trading, while MW stock sank more than 1%.
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