Jos. A. Bank Clothiers, Inc. announced that its Board of Directors has approved an amendment to its shareholder rights plan to, among other things; reduce the ownership threshold to 10 percent from 20 percent of outstanding common shares.
The Company said that in light of the hostile actions The Men's Wearhouse 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 was appropriate 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 of Directors 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.
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 629 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website