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Monday, December 23, 2013

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

Jos. A. Bank Clothiers Inc has rejected a $1.5 billion takeover offer from suit retailer Men's Wearhouse Inc, frustrating attempts by its larger rival to appease shareholder hunger for a merger.Shares in Men's Wearhouse, under pressure from activist investors to merge, fell 2 percent before the bell on Monday.Men's Wearhouse last month offered $55 per share for Jos. A. Bank, turning the tables on its smaller rival only weeks after Jos. A. Bank bid for Men's Wearhouse."Our board undertook a thorough review and determined that the per-share consideration in the proposal made to us by Men's Wearhouse was simply not in the best interest of our shareholders," Jos. A. Bank Chairman Robert Wildrick said.

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 remained unchanged at $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 9400.