Jos. A. Bank open to upping bid for Men’s Wearhouse
Hampstead, Md. -- Jos. A. Bank Clothiers said that it will consider increasing its $2.3 billion buyout offer for Men's Wearhouse. The retailer also said that it would drop its proposal in two week if Men's Wearhouse did not enter into discussions.
In a letter sent to Men's Wearhouse CEO Douglas Ewert, Jos. A. Bank chairman Robert Wildrick said that if the talks are not held by that date it will pull its offer so that it can consider other strategic options that it has been investigating.
In September, Jos. A. Bank made an unsolicited offer of $48 per share for Men's Wearhouse. Men's Wearhouse quickly rejected the bid, calling it "inadequate."
Jos. A. Bank on Thursday said it would consider raising its offer if Men’s Wearhouse opens its books to assess whether an increased bid is justified.
The company said that the board of Men's Wearhouse has refused to talk and said it will terminate its proposal if "good faith discussions" are not held by Nov. 14.
Jos. A. Bank did not reveal amount by which it was willing to raise its offer.