Men's Wearhouse rejects takeover bid
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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