Men's Wearhouse proposes to acquire Jos. A Bank

Katie Little
Men's Wearhouse proposes to acquire Jos. A Bank
Adam Jeffery | CNBC

Men's Wearhouse (MW) proposed to buy rival menswear retailer Jos. A. Bank (JOSB) for $55 per share in cash Tuesday.

The offer is a 17 percent premium over Jos. A. Bank's closing stock price Monday.

In September, Jos. A. Bank proposed to buy the Men's Wearhouse, a deal that the latter's larger shareholder had urged it to consider. After the deal was made public, Men's Wearhouse dismissed the offer as insufficient.

(Read more: Jos. A. Bank terminates offer to buy Men's Wearhouse )

"Following Jos. A. Bank's unsolicited public proposal to acquire Men's Wearhouse, our Board of Directors evaluated a number of alternatives to deliver value to our shareholders," said Bill Sechrest, Men's Wearhouse board's leader director, in a release. "After a thorough review, our Board concluded that an acquisition of Jos. A. Bank by Men's Wearhouse has strategic logic and the potential to deliver substantial benefits to our respective shareholders, employees and customers."

-By CNBC's Katie Little.

More From CNBC