Men's Wearhouse Inc mounted a hostile $1.61 billion bid for Jos. A. Bank Clothiers Inc in an attempt to break the resistance of its smaller rival and pacify investors hungry for a merger of the suit retailers.Shares of Jos. A. Bank were trading below the offer price of $57.50 on Monday, indicating doubt among investors that the offer - the second by Men's Wearhouse in the space of six weeks - would be enough to seal the deal.But analysts said the bid, at a 6 percent premium to Jos. A. Bank's closing price on Friday, was likely to nudge the two companies closer to the creation of a combined chain selling suits and renting tuxedos from 1,700 stores in North America.Men's Wearhouse shares rose nearly 3 percent.
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 2.67% or $1.35/share to $51.94. 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 706242.
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