Shares of Men's Wearhouse jumped 28% after rejecting the takeover bid of Jos. A. Bank. Shares of Men's Wearhouse increased 28% after it snubbed the USD 2.
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Jos. A. Bank Clothiers Inc's board asks stakeholders to refuse $1.6B Men's Wearhouse Inc hostile bid
Shareholders were asked by the Jos. A. Bank Clothier's Inc board to refuse a hostile bid amounting to $1.61 billion from Men's Wearhouse, Reuters reported.
US clothing retailer Men's Wearhouse launches second move in hostile bid for Jos. A. Bank
Texas-based clothing retailer Men's Wearhouse made a $1.6 billion ($57.50 per share) cash offer as its latest move in a hostile bid for Maryland-based firm Jos. A. Bank, after its $55 per share offer was rejected.
Men's Wearhouse Inc third quarter earnings increase as sales rise
The earnings of Men's Wearhouse Inc for the fiscal third had beaten analysts' estimates, driven by an increase in sales. The retailer turned the tables on Jos. A. Bank Clothiers with its own buyout offer after rejecting the smaller rival's earlier bid.
Men's Wearhouse employs Pac-Man defense on Jos. A. Bank Clothiers
The Pac-Man defense has been used by Men's Wearhouse as it makes a counteroffer to Jos. A. Bank Clothiers which first made a bid to buy Men's Wearhouse this year.
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Men's Wearhouse snubbed the USD 2.3 billion takeover offer from Jos. A. Bank just two hours after it was made publicly.
Men's Wearhouse had rejected the takeover offer of Jos. A. Bank valued at USD2.3 billion in cash as the company deemed the bid to be inadequate, said a Reuters report.
Jos. A. Bank had approached Men's Wearhouse for a possible merger although the type of tie-up was not clearly stated, reported the Wall Street Journal.
Men's Wearhouse announced that it had acquired Joseph Abboud in a deal worth US$98 million. Men's Wearhouse anounced that it had acquired Joseph Abboud, New Bedford-based suit maker, for US$98 million.
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