Jos. A. Bank Will Continue To Pursue Men's Wearhouse Acquisition Proposal

(RTTNews) - Jos. A. Bank Clothiers, Inc. (JOSB) Wednesday asked shareholders of Men's Wearhouse, Inc. (MW) to voice their support for Jos. A. Bank's proposal to acquire the company for an all-cash offer of $48 per share.

The statement follows rejection of its proposal by Men's Wearhouse which asserted that the proposal undervalues the company.

Jos.A.Bank proposal represents a 42 percent premium to the closing price of Men's Wearhouse's common stock on the day before we made our acquisition proposal. According to the company, the offer price is significantly greater than the highest price at which Men's Wearhouse's stock has traded over the last five years.

"The formulaic, knee-jerk rejection by Men's Wearhouse, and their refusal to even discuss our proposal, do not serve the interests of their shareholders or their customers, " said the company in the statement.

The company also said they are ready for talks with the Board of Men's Wearhouse. Jos.A.Bank proposal is backed by Golden Gate Capital, who will invest approximately $250 million in the combined company.