Faber Tweets Men's Wearhouse to Reconsider Jos. A. Banks's $2.3B Unsolicited Offer

CNBC's David Faber tweeted on Thursday that Eminence Capital is buying a 9.8 percent stake in

Men's WearhouseMW

and asked that the company further talk with

Jos. A. Bank ClothiersJOSB

regarding the $2.3 billion unsolicited offer.

Men's Wearhouse on September 18 rejected Jos. A. Bank's offer of $48 per share or a 42 percent premium to the September 17 closing price. Men's Wearhouse CEO Douglas Ewert commented that the $48 per share cash offer undervalues their position as, “the largest men's apparel specialty retailer and the company's growth prospects.”

Jos. A. Bank Chairman Robert Wildrick responded to Ewert in a letter on October 31st, writing, “Several days ago, you published an investor update comparing our proposed transaction against your financial and operating plans for Men's Wearhouse as an independent public company. You went to great lengths to disparage Jos. A. Bank, pointing out the relative size of the companies (yes, we are smaller), suggesting our proposal was opportunistic (yes, we agree it is a great opportunity), and suggesting that our financing is not credible (we can't imagine how it could be more credible at this stage of the process given the quality of our partners). We believe that your shareholders would be best served by your providing us with a limited amount of non-public information so that we can advise you whether we can improve our price.”

Wildrick concluded the letter with ‘Good Faith' talks until November 14th.

On November 4th, Men's Wearhouse responded that they would not open their books for them.

Jos. A. Banks is currently trading +1.87 percent and Men's Wearhouse is up 8.07 percent.

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