Jos. A. Bank rejects Men's Wearhouse takeover offer

| Tuesday, Dec. 24, 2013, 12:01 a.m.

Jos. A. Bank rejected a takeover offer from competitor Men's Wearhouse, saying the $1.54 billion bid is too low.

Men's Wearhouse said on Monday that it will “carefully consider all of our options to make this combination a reality.” That could include starting a proxy battle.

Men's Wearhouse said it could nominate director candidates at Jos. A. Bank's next annual meeting.

In September, a few months after Men's Wearhouse ousted its founder and chairman, George Zimmer, Jos. A. Bank offered to buy its larger rival for $2.3 billion, or $48 per share. Men's Wearhouse turned down that offer.

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