Business

Men’s Wearhouse Balks At Providing Info To Aid Jos. A. Bank Takeover Bid

Houston-based Men’s Wearhouse says it won't give Jos. A. Bank Clothiers access to nonpublic information that it could use to assess whether or not to potentially raise its $2.3 billion dollar buyout offer.

Men’s Wearhouse says its board met with external financial and legal advisers and determined it wasn’t in its shareholders’ best interest to give Jos. A. Bank access to the information. The Houston specialty retailer maintains that Jos. A. Bank’s offer of $48 per share significantly undervalues its business.

Richard Collings is senior writer for financial news service The Deal.

“So you look at where the stock price has been trading over the last twelve months in terms of Men’s Wearhouse, and you would say, ‘OK, a $48 offer is pretty close to the highest point the company has traded at.’ So they think they should have an even richer valuation. Now, a strategic [player] like Jos. A. Bank is the only one who would be able to basically afford to pay that kind of premium for Men’s Wearhouse.”

On Thursday, Jos. A. Bank said it would consider boosting its bid if allowed access to nonpublic information. The Hampstead, Maryland retailer also said it would drop its offer in two weeks if there continued to be no discussions on the proposal.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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