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 This material may not be published, broadcast, rewritten or redistributed.)
- Project Valentine Brightens Patients’ Day At Hospital
- Teen Killed In Crash Near Cleburne High School
- The Great Backyard Bird Count Is Underway
- NBA Western Conference 2016 All-Star Roster Breakdown
- Missing Texas Woman Found Slain, Body In Freezer
- 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