(Adds details, updates share price movement)
Oct 31 Apparel retailer Jos. A. Bank Clothiers
said it may consider raising its $2.3 billion offer for
Men's Wearhouse Inc if it was allowed access to its
larger rival's books for due diligence.
The company, however, warned it would drop the proposal if
Men's Wearhouse did not engage in talks by Nov. 14.
Men's Wearhouse shares were down 2 percent at $42.67 in
Jos. A. Bank offered to buy Men's Wearhouse in September for
$48 per share, but was swiftly rebuffed as the offer was deemed
Men's Wearhouse called the proposal "highly opportunistic",
saying it took advantage of a drop in the company's stock price
and that the deal was "highly likely" to raise antitrust
Men's Wearhouse also adopted a poison pill to prevent a
Jos. A. Bank did not disclose on Thursday the amount by
which it was willing to raise the offer, saying it would first
like to conduct limited due diligence to determine a justified
"We believe that if we were provided with access to a
limited amount of non-public information we could promptly
determine whether we could increase our proposed acquisition
price," Jos. A. Bank Chairman Robert Wildrick wrote in a letter
to Men's Wearhouse on Thursday.
Wildrick said he was willing to sign a non-disclosure
agreement to assure its rival that any information provided
would be kept confidential.
Jos A Bank shares were down 5.2 percent at $47.26 in
afternoon trading on the Nasdaq on Thursday.
(Reporting by Siddharth Cavale in Bangalore; Editing by Kirti
Pandey and Saumyadeb Chakrabarty)