Jos. A. Bank Responds, Says Terminated Proposal Earlier Today, Would Immediately Consider If Men's Wearhouse Changed Stance
In response to inquiries, Jos. A. Bank Clothiers, Inc. (Nasdaq: JOSB) today made the following statement with respect to the actions Eminence Capital has taken regarding The Men's Wearhouse, Inc. (NYSE: MW):
"This is a matter between the Men's Wearhouse Board and its shareholders. We made a bona fide, friendly proposal to acquire Men's Wearhouse for $48 per share in cash, or possibly more if the company could demonstrate greater value through limited due diligence. The Men's Wearhouse board rejected our $48 proposal on October 9 and has refused to engage with us since. As a result, we terminated our proposal earlier today in order to consider other strategic alternatives which we have been investigating. We strongly believe that a transaction would be in the best interest of both companies, our respective shareholders, and the industry. Should the Men's Wearhouse Board change its stance, we would immediately consider whether a new proposal to acquire Men's Wearhouse is warranted."
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