Fremont, Calif. -- Men’s Wearhouse again rejected a $2.3 billion takeover bid by Jos. A. Bank, refusing to allow it confidential access to its books. Last week, Jos. A. Bank sent a letter to Men’s Wearhouse, hinting that it might raise its proposed takeover offer above $48 a share if it was allowed to conduct due diligence.
In a statement on Monday, Men’s Wearhouse once again reiterated its belief that its own turnaround plan would be better for shareholders.
In a statement, Men’s Wearhouse CEO Douglas S. Ewert said: "Our board and management team are committed to creating value for our shareholders. We are enthusiastic about Men's Wearhouse's prospects and are confident that our strategic plan will deliver more value to our shareholders than Jos. A. Bank's inadequate, highly conditional proposal. We thank our shareholders for the support we have received.
Jos. A. Bank wasted no time in responding to Men’s Wearhouse latest rejection.
"We are disappointed that the board of Men's Wearhouse has rejected our request for information and thereby chosen not to explore the potential of Jos. A. Bank's proposal for the benefit of their shareholders," said Robert N. Wildrick, chairman of the board of Jos. A. Bank. "Their board's position is a matter for consideration by the shareholders of Men's Wearhouse. For our part, we stand by our previous statement and will keep our proposal open until November 14, 2013."