Jos. A. Bank Board Approves Amendment Of Shareholder Rights Plan - Quick Facts

(RTTNews) - Retailer JoS. A. Bank Clothiers, Inc.'s (JOSB) board has approved an amendment to its shareholder rights plan to reduce the ownership threshold to 10 percent from 20 percent of outstanding common shares.

The firm said that in light of the hostile actions The Men's Wearhouse, Inc. (MW) has taken and threatened to take against the company, which are not in the best interest of the Company's shareholders, the board felt it has to protect the company's shareholders by leveling the playing field and ensuring that the Jos. A. Bank Rights Agreement has the same triggering ownership threshold as that of the Men's Wearhouse Rights Agreement.

On December 23, 2013, the Jos. A Bank board unanimously rejected a non-binding acquisition proposal by Men's Wearhouse based on its determination that the proposal significantly undervalued the company and its near and long-term potential.