| Business

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

Men's Wearhouse rejects takeover bid

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

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.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. ZeroFossil Energy Outfitters powers up with renewable sources
  2. Alcoa lands $1B airplane fastener contract from Airbus
  3. ATM fees soar as cash loses cachet
  4. Energy efficiency goes mainstream with help of regulations, demand
  5. EDMC to lay off 115 more faculty and staff at Art Institute campuses
  6. Volkswagen’s California pollution test site under scrutiny amid cheating scandal
  7. Power plants challenged by carbon capture and storage
  8. Dumped Twitter co-founder reclaims helm
  9. Calgon Carbon inks deals for mercury scrubbing at 9 power plants
  10. Market rises on bet that Federal Reserve won’t raise interest rates soon
  11. Koppers CEO believes struggling company can do better, transform