TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Men's Wearhouse rejects takeover bid

By The Associated Press
Thursday, Oct. 10, 2013, 12:01 a.m.
 

Men's Wearhouse said its board has rejected an unsolicited $2.3 billion bid by rival Jos. A. Bank to acquire the men's wear chain. It said the offer wasn't in the best interest of the company or its shareholders.

In a news release issued on Wednesday, the company said the offer “significantly under­values Men's Wearhouse and its strong prospects for continued growth and value creation.”

Jos. A. Bank Clothiers announced Wednesday that it had made the offer last month. The Hampstead, Md.,-based clothier said it offered to pay $48 in cash for each share of Men's Wearhouse.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Dick’s cuts PGA professionals as golf business declines
  2. Federal appeals courts disagree on Obamacare subsidies
  3. 10 million Americans sought help to enroll in Obamacare
  4. Amwell wastewater site to be shut down
  5. Chrysler recalls up to 792K Jeep SUVs for ignition switch defect
  6. Allegheny Technologies reports 2Q loss despite higher sales
  7. Latrobe’s Ci Medical Technologies transforms to medical device business
  8. California firm issues nationwide fruit recall
  9. New York home  to 389K millionaires
  10. China meat scandal hits Starbucks, Burger King, McDonald’s
  11. Sluggish growth elsewhere could infect healthy U.S. economy
Subscribe today! Click here for our subscription offers.