Jos. A. Bank and Men’s Wearhouse sell similar merchandise at similar price points in similar environments (malls), so why should they deny how much they have in common?
The two companies have been circling each other for months now, wanting to acquire each other. Now Men’s Wearhouse has made a second, higher offer for Jos. A. Bank.
When we say that the companies are circling each other, we mean that they really have made formal offers for each other. Just a few weeks ago in late December of 2013, JB rejected an offer for $55 per share. In September, they made a $48 per share offer to buy the larger company, which was rejected.
This time around, Men’s Wearhouse is taking their offer straight to the shareholders. They’ve also nominated a few candidates to the smaller company’s board.
Men’s Wearhouse boosts bid for Jos. A. Bank [USA Today/AP]