A PYMNTS Company

US: Men’s Wearhouse quickly turns down unwanted $2.3B buyout offer

 |  October 9, 2013

Just hours after Jos. A. Banks announced Wednesday morning that it submitted a $2.3 billion buyout offer to acquire Men’s Wearhouse, Men’s Wearhouse flat-out rejected the offer.

According to reports, Jos. A. Banks, which calls itself the “expert in men’s apparel,” first offered the buyout deal through a letter and a follow-up call to the company.

Wednesday morning, Men’s Wearhouse issued a statement regarding the unsolicited offer, saying it would raise “significant” competition concerns among antitrust officials and that it was not in the best interest of its shareholders.

In its statement, the company said Jos. A. Banks’ offer “significantly undervalues Men’s Wearhouse.”

In its initial offer letter, Jos. A. Banks described the acquisition as “ideal.”

Full Content: Forbes

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.