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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Smartphones expected to overtake desktops for holiday shopping
- Signs of steady U.S. economy: Pay, home sales up, unemployment applications down
- Nutritional supplement makers, led by GNC, want to create voluntary safety standards
- Many Black Friday deals not worth the hassle
- Take steps to make it harder for holiday hackers
- Stocks finish flat before Thanksgiving holiday; energy firms give back some gains
- Covestro leader MacCleary finds stability amid change
- Hedge fund Elliott Management grabs 6.4 percent stake in Alcoa
- Union leaders warn Post-Gazette newsroom of possible layoffs
- Stocks shake off Middle East tensions, drop in consumer confidence
- Mall stores required to open for Thanksgiving