NEW YORK – Jos. A. Bank is rejecting a takeover offer from competitor Men’s Wearhouse, saying the $1.54 billion bid is too low.
Jos. A. Bank Clothiers Inc. said Monday that its board unanimously rejected the offer. The Hampstead, Md., company said it will continue to look into acquisition opportunities that would create value for its shareholders.
Jos. A. Bank offered to buy its larger rival in September for $2.3 billion, or $48 per share. Men’s Wearhouse turned down that offer.