Jos. A Bank rejects Men’s Wearhouse acquisition proposal
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Jos. A Bank Clothiers Inc. (JOSB) has announced it rejected an acquisition proposal put forth by The Men’s Wearhouse, Inc. (MW). Men’s Wearhouse, which made the offer on November 26th, offered to purchase Jos. A Bank for $1.2B, nearly two weeks after Jos. A Bank withdrew its $2.3B bid for Men’s Wearhouse. In a unanimous decision by Bank’s board of directors, the company believes the bid is too low and is now focused on making acquisitions elsewhere that will increase shareholder value. Shareholders and analysts believe that a merger of the two companies would result in a more formidable competitor to large department stores like Macy’s and others. If ever successful, the combined company would consist of 1,700 stores worth over $3.5B.