New York -- Eminence Capital, a 4.9% stakeholder in Jos. A. Bank and a 10% shareholder in Men’s Wearhouse, said it supports Men's Wearhouse's proposed acquisition of the company and demanded that Jos. A. Bank's board sit down and engage in "meaningful, good faith negotiations."
Efforts to merge the two retailers have dragged on for months, with each chain having their offers to acquire the other rejected.
Eminence filed suit against Jos. A. Bank on Monday for rebuffing the latest $1.54 billion bid from Men’s Wearhouse and for toughening the retailer’s anti-takeover defenses in the wake of the offer. Earlier this month, Jos. A. Bank’s board changed the trigger on its “poison-pill” anti-takeover defense so that it is activated when someone buys 10% of the company’s shares, instead of 20%.