Men's Wearhouse sweetens bid for Jos. A. Bank to $1.61B; takes it to its rival's shareholders - InfoNews

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Men's Wearhouse sweetens bid for Jos. A. Bank to $1.61B; takes it to its rival's shareholders

This file photo shows a JoS. A. Bank store in Miami, Fla. THE CANADIAN PRESS/AP,HO - JoS. A. Bank
January 06, 2014 - 3:35 AM

FREMONT, Calif. - Men's Wearhouse is raising its offer for Jos. A. Bank Clothiers to about $1.61 billion and is taking the bid directly to its rival's shareholders. It also plans to nominate two people to the Jos. A Bank board, which rejected its earlier offer.

Men's Wearhouse Inc. is now offering $57.50 per share, up from its prior offer of $55 per share, or $1.54 billion.

The announcement Monday comes three days after Jos. A. Bank Clothiers Inc. lowered the trigger for its shareholder rights plan, a plan typically used to help ward off hostile takeover attempts. The chain cut its trigger to a 10 per cent ownership stake from a 20 per cent ownership stake.

Fremont, Calif.-based Men's Wearhouse said its tender offer expires on March 28 unless extended.

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News from © The Associated Press, 2014
The Associated Press

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