Men's Wearhouse boosts Jos A Bank takeover bid
FREMONT, Calif. (AP) -- 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 percent ownership stake from a 20 percent ownership stake.
Fremont, Calif.-based Men's Wearhouse said its tender offer expires on March 28 unless extended.