Jos. A. Bank Offer Is Not Accepted By Men’s Wearhouse

Posted: Oct 10 2013, 3:27am CDT | by , Updated: Oct 10 2013, 4:01am CDT, in Other Stuff


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Jos. A. Bank Offer Not Accepted
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Jos. A. Bank offered to buy Men’s Wearhouse. However, the 2.3 billion buyout offer was not accepted by the male clothing store. Despite this rejection, Jos. A. Bank has decided to stand by its offer which still remains valid.

Jos. A. Bank tried to make an offer that could not be refused. But since it was not quite up to the standards of Men’s Wearhouse, it was not paid heed to. The amount offered was $2.3 billion, yet Men’s Wearhouse has decided to go it alone. Later on in another surprise move Men’s Wearhouse took what could only be termed a poison pill.

Any aggressive takeover from an outer source would be prevented via this method. And it will remain valid till the end of September, 2014. Jos. A. Bank’s entreaty of $48 per share was close but no cigar for Men’s Wearhouse. The offer was labeled as inadequate by the giant clothing store that catered to the male ego.

However, Jos. A. Bank remains adamant. In fact, it is such a loyal suitor that it has decided to stick to its offer despite the rebuff by Men’s Wearhouse. According to expectations, Jos. A. Bank ought to give $52 per share.

But this would upset the financial balance of the company which was smaller than Men’s Wearhouse. Men’s Wearhouse had more than 1,137 stores on a nationwide basis. Meanwhile, Jos. A. Bank had just 600 stores. The two enterprises were different from each other too. One was traditional while the other one was modern.

Source: Reuters

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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