Suit retailer Jos. A. Bank Clothiers Inc's board urged shareholders to reject a $1.61 billion hostile bid from Men's Wearhouse Inc, calling it inadequate and opportunistic.In response, Men's Wearhouse called on Jos. A. Bank's shareholders to vote its nominees to the board, replacing Chairman Robert Wildrick and Chief Executive R. Neal Black.Men's Wearhouse also urged Jos. A. Bank's independent directors to form a special committee to evaluate its tender offer of $57.50 per share and begin talks.Jos. A. Bank said on Friday that the offer significantly undervalued the company and its future prospects.
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 1.25% or $-0.64/share to $50.45. In the past year, the shares have traded as low as $27.47 and as high as $52.72. On average, 1071840 shares of MW exchange hands on a given day and today's volume is recorded at 515212.
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