Jos. A. Bank Clothiers Inc. (JOSB) terminated its unsolicited
$2.3 billion takeover offer for rival men's clothing retailer Men's
Wearhouse Inc. (MW), though left the door open for the potential of
future acquisition talks.
Jos. A. Bank had said it would drop its buyout offer if the
Men's Wearhouse board didn't engage in negotiations by
Thursday.
"Jos. A. Bank continues to believe that a transaction could be
in the best interest of the respective shareholders of the two
companies," Jos. A. Bank said in a statement early Friday. "If, in
the future, we are invited by the Men's Wearhouse board to discuss
our acquisition of Men's Wearhouse, or if circumstances were
otherwise to change, Jos. A. Bank may consider whether a new
proposal to acquire Men's Wearhouse is warranted."
A Men's Wearhouse representative wasn't immediately available
for comment.
Late last month, Jos. A. Bank said it would consider raising its
bid for Men's Wearhouse if it was able to conduct limited due
diligence, though warned it would drop its offer within two weeks
if Men's Wearhouse refused to engage in talks. Men's Wearhouse soon
afterwards rejected the request for due diligence and again called
Jos. A. Bank's offer of $48 a share too low.
Jos. A. Bank first made an unsolicited offer for Men's Wearhouse
in early October, but it was soon after rejected.
Jos. A Bank shares closed Thursday at $50.31 and Men's Wearhouse
shares closed at $46.12. Neither was active premarket.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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