Men's Wearhouse Shoots Down Jos. A. Bank's Due Diligence Request

11/4/2013
Jos. A. Bank Clothiers, Inc. responded to the rejection by The Men's Wearhouse, Inc. of Jos. A. Bank's request for limited due diligence.

On Oct. 31, 2013, Jos. A. Bank stated that it was willing to consider raising the acquisition price it proposed to Men's Wearhouse on Sept. 18, 2013, of $48 per share, or a 42 percent premium to the closing price of Men's Wearhouse common stock on the day prior, if Jos. A. Bank is given the opportunity to conduct limited due diligence in order to determine that such an increase would be justified. On Nov. 4, Men's Wearhouse denied Jos. A. Bank's request for a limited amount of non-public information.

"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," said Robert N. Wildrick, chairman of the board of Jos. A. Bank. "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 Nov. 14, 2013."
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