Jos. A. Bank Clothiers Inc. reduced the threshold to trigger its shareholder rights plan to 10 percent of the stock outstanding from 20 percent as Men’s Wearhouse Inc. seeks to buy the company.
The plan also was amended to include some derivative instruments in the definition of an ownership position that would activate the plan and increase the purchase price for exercising the rights to $250 from $200, Hampstead, Maryland- based company said today in a filing.
Jos. A. Bank, after making its own bid to buy Men’s Wearhouse, is now fending off a takeover attempt by its larger rival. Men’s Wearhouse said last month that it would consider nominating directors to Jos. A. Bank’s board after its $1.54 billion proposal was rejected.
Jos. A. Bank fell 0.2 percent to $54.66 yesterday in New York. The shares gained 29 percent last year. Houston-based Men’s Wearhouse slid 1.3 percent yesterday and advanced 64 percent in 2013.