Men's Wearhouse says prepared to raise offer for Jos. A. Bank

Thu Jan 30, 2014 8:28am EST

Jan 30 (Reuters) - Suit retailer Men's Wearhouse Inc said on Thursday it was prepared, under certain conditions, to increase its offer for rival Jos. A. Bank Clothiers Inc .

Jos. A. Bank shares rose 3 percent to $56.50 in premarket trading.

In a letter to Jos. A. Bank's independent directors, Men's Wearhouse said it could raise its $1.61 billion, or $57.50 per share, offer if additional value was discovered through discussions or limited due diligence.

Men's Wearhouse also called on the directors to form a special committee to reconsider its hostile bid.

Jos. A. Bank urged shareholders to reject the offer earlier this month, calling it inadequate and opportunistic.