In a reversal of suitors, The Men’s Wearhouse said Tuesday it has approached Jos. A. Bank with a $1.53 billion takeover offer. The move comes less than two months after Jos. A. Bank approached the rival men’s clothing retailer with its own unsolicited $2.3 billion takeover bid, which Men’s Wearhouse swiftly rejected.
Men’s Wearhouse said the $48-per-share offer Jos. A. Bank’s put foward in early October undervalued the company and called it “highly opportunistic” due to a recent decline in Men’s Wearhouse stock that the Houston-based company blamed on “difficult market conditions.” At the same time, Men’s Wearhouse also adopted a limited shareholder rights plan, known as a “poison pill,” in order to fend off the bid. Jos. A. Bank formally terminated its offer earlier this month as promised in its proposal, but did not rule out a follow-up takeover bid.
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