Men’s Wearhouse is raising its offer for Jos. A. Bank Clothiers to about $1.61 billion and taking the bid directly to its rival’s shareholders. It also plans to nominate two people to the Jos. A. Bank board.
Men’s Wearhouse Inc. disclosed Monday that it is now offering $57.50 per share for Jos. A. Bank, up from its prior offer of $55 per share, or $1.54 billion. Jos. A. Bank rejected the previous offer in late December, saying it was too low.
“Although we have made clear our strong preference to work collaboratively with Jos. A. Bank to realize the benefits of this transaction, we are committed to this combination and, accordingly, we are taking our offer directly to shareholders,” Men’s Wearhouse President and CEO Doug Ewert said in a statement.
It said its tender offer expires on March 28 unless extended.