Men’s Wearhouse Inc., which less than two weeks ago let a takeover bid from Jos. A. Bank Clothiers Inc. expire without entering discussions, today offered to buy its smaller rival for about $1.54 billion.
The proposal of $55 a share is 8.7 percent higher than Jos. A. Bank’s closing price yesterday and 32 percent higher than its last price on Oct. 8, the day before it bid for Men’s Wearhouse. The deal would be funded with cash on hand and debt financing, Houston-based Men’s Wearhouse said today in a statement.