Jos. A. Bank Terminates Men's Wearhouse Buyout Proposal - Quick Facts

(RTTNews) - Jos. A. Bank Clothiers Inc. (JOSB) said Friday that it sent a letter to the Chief Executive Officer of The Men's Wearhouse Inc. (MW) terminating its all-cash proposal to purchase Men's Wearhouse for $48 per share.

Previously, Jos. A. Bank had advised the board of directors of Men's Wearhouse that Jos. A. Bank would terminate its proposal if the board did not engage in good faith negotiations by November 14, 2013. The November 14 deadline has passed with Men's Wearhouse having failed to engage in such discussions.

Jos. A. Bank noted that it continues to believe that a transaction could be in the best interest of the respective shareholders of the two companies.

"If, in the future, we are invited by the Men's Wearhouse board to discuss our acquisition of Men's Wearhouse, or if circumstances were otherwise to change, Jos. A. Bank may consider whether a new proposal to acquire Men's Wearhouse is warranted," Jos. A. Bank said in the letter.

On September 18, 2013, Jos. A. Bank made a confidential, non-binding proposal to acquire all of the outstanding shares of Men's Wearhouse for $48 per share in cash.