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Men's Wearhouse rejects takeover bid

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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.

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