Jos. A. Bank Clothiers Inc has rebuffed a $1.5 billion takeover bid by Men's Wearhouse Inc , prompting its larger rival to explore other ways to satisfy investors' hunger for a merger of the suit retailers.Shares of Men's Wearhouse fell about 1 percent on Monday after Jos. A. Bank rejected its offer, the latest move in a protracted battle between two retailers intent on playing the lead role in the creation of a combined entity."I expect this tug-of-war to persist for some time," Anthony Michael Sabino, a professor at St. John's University's Peter J. Tobin College of Business, told Reuters.Fremont, California-based 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 had bid for Men's Wearhouse.
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 fell by 0.42% or $-0.22/share to $51.79. 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 333928.
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