Men’s Wearhouse Inc. said Jos. A. Bank Clothiers Inc.’s takeover bid undervalues the company and isn’t in the best interest of shareholders.

Men’s Wearhouse Chief Executive Officer Doug Ewert said in a statement that the retailer’s own strategic plan would create more value than the offer from smaller competitor Jos. A. Bank. The board of Houston-based Men’s Wearhouse won’t provide Jos. A. Bank access to nonpublic information for limited due diligence after Jos. A. Bank said in a letter last week it would consider raising its $2.3 billion bid if given access.

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