Fremont, Calif. -- Men's Wearhouse has turned the tables on Jos. A. Bank Clothiers, with a proposal to acquire its one-time suitor for approximately $1.54 billion. Men's Wearhouse is offering $55 per share for Jos. A. Bank, which represents nearly a 9% premium to the company's $50.32 Monday closing price.
Jos. A. Bank made an unsolicited $2.3 billion bid in early October for Men’s Wearhouse, which rejected the offer, calling "opportunistic" and "inadequate."