Men's Wearhouse announces bid for hostile takeover of Jos. A. Bank
January 8, 2014, 12:29 am TWN
NEW YORK--Men's Wearhouse Monday launched a hostile bid for rival men's retailer Jos. A. Bank Clothiers on Monday in the latest twist in a months-long takeover saga.
Men's Wearhouse proposed a US$57.50 per share purchase of the smaller Jos. A. Bank after the latter in December rejected an offer at US$55 per share, saying it "significantly undervalued" the company.
Men's Wearhouse said it was taking the proposal directly to shareholders in light of the rejection. It also proposed two nominees to the Jos. A. Bank board of directors.
"We believe that our US$57.50 per share proposal to acquire Jos. A Bank is compelling and provides substantial value and immediate liquidity to Jos. A. Bank shareholders," said Men's Wearhouse Chief Executive Doug Ewert.