Men's Wearhouse Rejects Offer From Jos. A. Bank - Quick Facts

(RTTNews) - The Men's Wearhouse (MW) Wednesday said its Board of Directors, after careful evaluation with the assistance of its financial and legal advisors, has determined to reject an unsolicited, non-binding proposal from Jos. A. Bank (JOSB) to acquire the company for $48.00 per share in cash.

The Men's Wearhouse Board concluded that the proposal significantly undervalues it and its strong prospects for continued growth and value creation, and is not in the best interests of Men's Wearhouse or its shareholders.

Bill Sechrest, Lead Director of the Board, said, "We believe Jos. A. Bank's unsolicited proposal is opportunistic, subject to unacceptable risks and contingencies, and would deprive our shareholders of the value inherent in Men's Wearhouse for inadequate consideration."