Men’s Wearhouse Inc. urged Jos. A. Bank Clothiers Inc.’s independent directors to reconsider its $1.61 billion bid and said it’s prepared to increase the offer if additional value can be found during due diligence.
The independent directors should form a special committee and enter negotiations immediately, the Houston-based company said today in a statement.
Men’s Wearhouse has been working to convince shareholders to accept its tender offer, which expires March 28. The retailer also has said it will nominate two independent directors to Jos. A. Bank’s board at its 2014 annual meeting.
Men’s Wearhouse fell 1.5 percent to $46.10 yesterday in New York trading, while Hampstead, Maryland-based Jos. A. Bank rose 0.1 percent to $54.86. Men’s Wearhouse climbed 64 percent last year. Jos. A. Bank advanced 29 percent.