Men’s Wearhouse Inc. rejected a $2.3 billion cash takeover offer from Jos. A. Bank Clothiers Inc., saying the bid significantly undervalued the company and wasn’t in the best interest of shareholders.

Jos. A. Bank, based in Hampstead, Maryland, disclosed today that it had made a non-binding proposal on Sept. 18 to acquire Men’s Wearhouse for $48 a share, 36 percent higher than yesterday’s closing price.

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