Hampstead, Md. – Jos. A. Bank Clothiers Inc. reportedly may consider a hostile takeover bid for Men’s Wearhouse. According to Bloomberg, Jos. A. Bank chairman Robet Wildrick said he would prefer a friendly acquisition but his company is not ruling any options out.
On Oct. 9, Jos. A. Bank made a $2.3 billion offer that was 36% higher than Men’s Wearhouse’s closing stock value on Oct. 8. However, Men’s Wearhouse publicly rejected the bid, saying it undervalued the company and was not in the best interests of shareholders.
Wildrick said Jos. A. Bank would not make another bid without looking at Men’s Wearhouse’s books, which it so far has not had access to, and would not close stores. Men’s Wearhouse has adopted a “poison pill” that prevents any stockholder from purchasing more than 10% of the company’s shares, but has said it would not necessarily refuse future offers. Men’s Wearhouse declined to comment in the Bloomberg article.