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Thursday, January 30, 2014

Men's Wearhouse says prepared to raise offer for Jos. A. Bank, (NYSE: MW)

Suit retailer Men's Wearhouse Inc said on Thursday it was prepared, under certain conditions, to increase its offer for rival Jos. A. Bank Clothiers Inc . Jos. A. Bank shares rose 3 percent to $56.50 in premarket trading.In a letter to Jos. A. Bank's independent directors, Men's Wearhouse said it could raise its $1.61 billion, or $57.50 per share, offer if additional value was discovered through discussions or limited due diligence.Men's Wearhouse also called on the directors to form a special committee to reconsider its hostile bid.Jos. A. Bank urged shareholders to reject the offer earlier this month, calling it inadequate and opportunistic.

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 1.47% or $-0.69/share to $46.10. In the past year, the shares have traded as low as $27.47 and as high as $52.72. On average, 1011330 shares of MW exchange hands on a given day and today's volume is recorded at 292892.