Oct 31 (Reuters) - Apparel retailer Jos. A. Bank Clothiers said it would consider raising its $2.3 billion offer for Men’s Wearhouse Inc if the larger rival opens its books.
Jos. A. Bank shares fell 5 percent, while Men’s Wearhouse shares were down 7 percent in noon trading.
The company offered to buy Men’s Wearhouse in September for $48 per share, but was swiftly rebuffed as the offer was deemed “inadequate”.
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 increase.
The company said it would cancel its proposal by Nov. 14 if Men’s Wearhouse did not enter into discussions. (Reporting by Siddharth Cavale in Bangalore; Editing by Kirti Pandey)