Men's Wearhouse makes $1.54B bid for Jos. A. Bank
NEW YORK (AP) — Men's Wearhouse is turning the tables on its recent pursuer, offering to buy Jos. A. Bank for approximately $1.54 billion.
The offer comes less than two weeks after Jos. A. Bank withdrew its $2.3 billion bid for its rival.
Men's Wearhouse Inc. is offering $55 per share for Jos. A. Bank Clothiers Inc. That's a 9 percent premium to the company's $50.32 Monday closing price.
Men's Wearhouse lead director Bill Sechrest said in a statement Tuesday that the company's board reviewed its strategic options after Jos. A. Bank's buyout bid went public. Sechrest says acquiring Jos. A. Bank has "strategic logic" and could benefit its shareholders, workers and customers.
Men's Wearhouse said it wouldn't rebrand Jos. A. Bank if a deal goes through.
Shares of both companies climbed in premarket trading.