HAMPSTEAD, MD. (CBSDFW.COM/AP) – Houston-based Men’s Wearhouse said that its board has rejected an unsolicited $2.3 billion bid by rival Jos. A. Bank to acquire the men’s wear chain. It said that the offer wasn’t in the best interest of the company or its shareholders.
In a news release issued Wednesday, the company said that the offer “significantly undervalues Men’s Wearhouse and its strong prospects for continued growth and value creation.”
The rejection comes after Jos. A. Bank Clothiers made public earlier Wednesday that it had made the offer last month.
The Maryland-based Jos. A. Bank said that it offered to pay $48 in cash for each share of Men’s Wearhouse.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- McKinney Festival Honors Wounded Veteran
- ‘Carry The Load’ Event In Dallas Honors Fallen Heroes
- Coppell ISD Investigating Alleged Sexual Assault On High School Campus
- Teen Killed In Shooting At Irving 7-11
- Texas Passes Softened Voter ID Law After Judge Finds Bias
- Sasquatch Genome Project Reveals Bigfoot Photos
- Tricks To Using The New iPhone Software
- Enter The “Show Your Spirit’ Sweepstakes
- Mexican Monster Truck Wreck Kills 8, Hurts Dozens
- Nolan, Daniels Involved In Heated Confrontation
- PHOTOS: Your Pet Pictures