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Jos A Bank upset with diligence denial by Men's Wearhouse
05
Nov '13
Jos. A. Bank Clothiers, Inc. responded to the rejection by The Men's Wearhouse, Inc. of Jos. A. Bank's request for limited due diligence. On October 31, 2013, Jos. A. Bank stated that it was willing to consider raising the acquisition price it proposed to Men's Wearhouse on September 18, 2013, of $48 per share, or a 42% premium to the closing price of Men's Wearhouse common stock on the day prior, if Jos. A. Bank is given the opportunity to conduct limited due diligence in order to determine that such an increase would be justified. Men's Wearhouse denied Jos. A. Bank's request for a limited amount of non-public information.

"We are disappointed that the board of Men's Wearhouse has rejected our request for information and thereby chosen not to explore the potential of Jos. A. Bank's proposal for the benefit of their shareholders," said Robert N. Wildrick, Chairman of the Board of Jos. A. Bank.  "Their board's position is a matter for consideration by the shareholders of Men's Wearhouse. For our part, we stand by our previous statement and will keep our proposal open until November 14, 2013."

About Jos. A. Bank

Jos. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 628 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website that can be accessed at its website.

Jos. A. Bank

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