Jan 3 Jos. A. Bank Clothiers Inc has
lowered the trigger for its shareholder rights plan to 10
percent from 20 percent, making it tougher for Men's Wearhouse
Inc to pursue a bid rejected by the smaller rival.
Men's Wearhouse offered $55.00 per Jos. A. Bank share in
November after rejecting an offer from the smaller rival and
adopting a poison pill that would be triggered if an outside
investor bought 10 percent or more of its stock.
"This is just yet another attempt by Jos. A. Bank to blow
off Men's Wearhouse, to make it that much harder for a deal...,"
Brian Sozzi, chief executive of Belus Capital Advisors, said.
Following Jos. A. Bank's rejection, Men's Wearhouse said it
would consider all of options "to make this combination a
reality," including nominating director candidates at Jos. A.
Bank's next annual shareholders' meeting.
Jos. A. Bank, which had adopted the rights plan in 2007,
said on Friday it lowered the trigger to bring it to the same
level as that of Men's Wearhouse's plan.
Jos. A. Bank's shares were up slightly at $55.10 in morning
trading on the Nasdaq on Friday. Men's Wearhouse shares were up
1 percent at $51.08 on the New York Stock Exchange.