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Monday, December 23, 2013

Jos. A. Bank rejects Men's Wearhouse proposal, (NYSE: MW)

Men's suit retailer Jos. A. Bank Clothiers Inc said its board has unanimously rejected the $1.5 billion bid by Men's Wearhouse Inc. Men's Wearhouse offered to purchase Jos. A. Bank in November, after rejecting a takeover offer from the smaller rival.

The Men's Wearhouse, Inc. is a specialty retailer of men's suits and a provider of tuxedo rental product in the United States and Canada. Shares of MW traded higher by 1.13% or $0.58/share to $52.01. In the past year, the shares have traded as low as $27.47 and as high as $52.72. On average, 1429680 shares of MW exchange hands on a given day and today's volume is recorded at 941262.