Men's Wearhouse Offers to Buy Jos. A. Bank
Rick Wilking/Reuters
Men's Wearhouse, which had rebuffed takeover efforts by Jos. A. Bank Clothiers, abruptly turned the tables on Tuesday and bid $55 a share in cash to acquire its one-time suitor.
The offer values Jos. A. Bank at $1.5 billion, an 8.7 percent premium over its closing stock price on Monday and a 32 percent premium over its price in October, when it bid for Men's Wearhouse.
Jos. A. Bank made an unsolicited $2.3 billion bid in early October for Men's Wearhouse, which rejected the offer as highly conditional and said it believed that its own turnaround plan would be better for shareholders. Jos. A. Bank indicated later that it would consider raising its $48-a-share offer if it were allowed confidential access to Men's Wearhouse's books. Men's Wearhouse again rejected the offer, and Jos. A. Bank withdrew its bid earlier this month, but left the door open for possible talks in the future.
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