Feb 27 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.