Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, January 30, 2014

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

Men's Wearhouse Inc said it was open to sweetening its spurned takeover offer for Jos. A. Bank Clothiers Inc - under certain conditions - and called on independent directors of the smaller men's clothing chain to reconsider its bid.Jos. A. Bank shares were up marginally in early trading Thursday after rising as much as 3 percent before the bell.In a letter to Jos. A. Bank's independent directors, Men's Wearhouse said it could raise offer of $1.61 billion, or $57.50 per share, "if additional value was discovered through discussions or limited due diligence."A Jos. A. Bank spokesman declined to comment.

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 0.35% or $-0.16/share to $45.94. 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 82181.