Apparel retailer Men's Wearhouse Inc mounted a hostile bid for rival Jos. A. Bank Clothiers Inc with a raised offer, days after the smaller rival upped its takeover defenses.Men's Wearhouse said it offered to acquire all outstanding shares of Jos. A. Bank for $57.50 per share, higher than its November offer of $55.The tender offer, the latest move in a long battle between the two retailers intent on playing the lead role in creating a combined entity, expires on March 28.Men's Wearhouse also said it intended to nominate two independent directors to Jos. A. Bank's board.
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 0.38% or $0.19/share to $50.59. In the past year, the shares have traded as low as $27.47 and as high as $52.72. On average, 1422650 shares of MW exchange hands on a given day and today's volume is recorded at 282965.
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