Jos. A. Bank Clothiers Inc has lowered the trigger for its shareholder rights plan to 10 percent from 20 percent, making it tougher for Men's Wearhouse Inc to pursue a bid rejected by the smaller rival.Men's Wearhouse offered $55.00 per Jos. A. Bank share in November after rejecting an offer from the smaller rival and adopting a poison pill that would be triggered if an outside investor bought 10 percent or more of its stock."This is just yet another attempt by Jos. A. Bank to blow off Men's Wearhouse, to make it that much harder for a deal...," Brian Sozzi, chief executive of Belus Capital Advisors, said.Following Jos. A. Bank's rejection, Men's Wearhouse said it would consider all of options "to make this combination a reality," including nominating director candidates at Jos. A. Bank's next annual shareholders' meeting.
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 1.23% or $0.62/share to $51.02. In the past year, the shares have traded as low as $27.47 and as high as $52.72. On average, 1407510 shares of MW exchange hands on a given day and today's volume is recorded at 54992.
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