The Wall Street Journal reports that Men's Wearhouse rejected the latest bid by Jos. A. Bank Clothiers. The clothes' retailer claimed its shareholders were not interested in providing Jos. A. Bank access to non-public information about the company.
This decision was made after Men's Wearhouse sought the advice of its legal and financial advisers. The Wall Street Journal reported that Jos. A. Bank's USD48 a share was deemed undervalued by Men's Wearhouse.
Men's Wearhouse Chief Executive Douglas S. Ewert said, "We are enthusiastic about Men's Wearhouse's prospects and are confident that our strategic plan will deliver more value to our shareholders than Jos. A. Bank's inadequate, highly conditional proposal. We thank our shareholders for the support we have received."
On the other hand, Jos. A. Bank chairman Robert N. Wildrick responded, "We are disappointed that the board of Men's Wearhouse has rejected our request for information and thereby chosen not to explore the potential of Jos. A. Bank's proposal for the benefit of their shareholders. ...Their board's position is a matter for consideration by the shareholders of Men's Wearhouse. For our part, we stand by our previous statement and will keep our proposal open until November 14, 2013."
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