Joseph A Bank Clothiers Inc Rejects $55/shr offer from Mens' Wearhouse
- Unanimously rejected the proposal made by Men's Wearhouse. The Company's Board of Directors concluded that the price proposed by Men's Wearhouse significantly undervalued the Company and its near and long-term potential and was not in the best interest of the Company's shareholders. Further, as the Company has said previously, it is reviewing all alternatives regarding potential strategic acquisition opportunities that would enable the Company to drive significant value for shareholders.
**Reminder: on 11/26 MW proposes to acquire JOSB at $55/shr; valued at $1.2B