Men's Wearhouse Comments On Jos. A. Bank's Rejection Of Its Acquisition

(RTTNews) - The Men's Wearhouse (MW) Monday said it was surprised by Jos. A. Bank Clothiers' (JOSB) decision to reject the proposal made by Men's Wearhouse to acquire Jos. A. Bank for $55.00 per share in cash.

According to Jos. A. Bank, 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 shareholders.

However Men's Wearhouse maintains that the all-cash proposal to acquire Jos. A. Bank has a great potential to deliver substantial benefits to its shareholders, employees and customers.

The Men's Wearhouse proposal represents a 45 percent premium over Jos. A. Bank's unaffected enterprise value and a 32 percent premium over Jos. A. Bank's closing share price on October 8.