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.
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