Jos. A. Bank Willing To Consider Raising Acquisition Price For Men's Wearhouse

(RTTNews) - Jos. A. Bank Clothiers, Inc. (JOSB) Thursday said it sent a letter to the Chief Executive Officer or CEO of The Men's Wearhouse, Inc. (MW), stating that Jos. A. Bank is willing to consider raising the acquisition price it proposed to Men's Wearhouse on September 18, 2013.

The company stated that it is willing to consider raising the acquisition price of $48 per share, or a 42% 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.

Jos. A. Bank notes that it believes its September 18th proposal represents superior, immediate value for the shareholders of Men's Wearhouse when compared to the uncertain discounted present value of the long-term plan issued by Men's Wearhouse earlier this week.

The letter finally states that, to date, despite the proposed premium and the strong, positive reaction to it in the market, the Board of Directors of Men's Wearhouse has refused to discuss the proposal with Jos. A. Bank.

The company said if the Men's Wearhouse Board continues this stance and has not engaged in good faith discussions with Jos. A. Bank by Thursday, November 14, 2013, Jos. A. Bank will terminate its proposal.