February 27, 2014 / 11:16 PM / 4 years ago

RPT-Jos. A. Bank rejects Men's Wearhouse bid, says open to talks

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.

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