Feb 27 (Reuters) - Men’s apparel retailer Jos. A. Bank Clothiers Inc rejected Men’s Wearhouse Inc’s revised takeover offer, calling it inadequate, but said it was willing to talk with its larger rival about a higher bid.
Men’s Wearhouse on Monday raised its cash tender offer to Jos. A. Bank shareholders to $63.50 per share from $57.50, and added it could increase the offer to $65.00 if it was allowed to conduct limited due diligence.
Jos. A. Bank said on Thursday it was prepared to provide Men’s Wearhouse with a limited amount of due diligence information, under certain conditions.
Men’s Wearhouse’s increased offer on Monday valued Jos. A. Bank at about $1.78 billion and was conditional on the termination of Jos. A. Bank’s agreement to acquire Eddie Bauer.