Jos. A Bank Clothiers Inc issued a statement in reaction to the rejection of its request for limited due diligence for The Men's Wearhouse Inc. Last October 31, 2013, Jos. A Bank said it was willing to raise the bid proce for Men's Wearhouse made last September 18, 2013. The said bid was for USD48 per share, which is includes a 42% premium to its closing share price from the previous day.
Jos. A. Bank had sought the opportunity to conduct a limited due diligence in order to determine if the increase is justified. Men's Wearhouse had denied the request for non-public information.
According to Jos. A. Bank Chairman of the Board Robert N. Wildrick, "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 of 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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