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Men's Wearhouse rejects takeover bid from Jos. A. Bank
Men's Wearhouse rejects takeover bid from Jos. A. Bank

Men’s Wearhouse Inc. has a suitor who wants to pay $2.3 billion to take over the retailer, but the menswear company is having none of it. Saying that the bid from Jos. A. Bank Clothiers Inc. “significantly undervalues” the chain, Men’s Wearhouse rejected the nonbinding proposal Wednesday. Hampstead, Md,-based Jos. A. Bank said in a statement that it had made its offer on Sept, 18, several months after Men’s Wearhouse removed its founder and longtime spokesman, George Zimmer, as executive chairman. Acquiring Men’s Wearhouse for $48 a share — a 42% premium above the retailer’s closing price on Sept. 17 — would have made Jos. A. Bank...

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