Pursuits
Men’s Wearhouse Rejects Jos. A. Bank’s $2.3 Billion Bid
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Men’s Wearhouse Inc. rejected a $2.3 billion cash takeover offer from Jos. A. Bank Clothiers Inc., saying the bid undervalued the company and wasn’t in the best interest of investors. It also adopted a shareholder rights plan.
Jos. A. Bank, based in Hampstead, Maryland, disclosed yesterday that it had made a non-binding proposal on Sept. 18 to acquire Men’s Wearhouse for $48 a share, 36 percent higher than the Oct. 8 closing price.