Men's Wearhouse Spurns $2.3B Takeover Bid By Jos. A. Bank
by: Andrew Schneider, October 10, 2013 5:10:00 am
Men’s Wearhouse vetoed the offer almost immediately after it was made public on Wednesday. The Maryland-based Jos. A. Bank offered $48 in cash for each share of the Houston retailer. The Men’s Wearhouse board described the bid in a news release as greatly undervaluing the company.
Richard Collings is senior writer for financial news service The Deal. He says the bid to combine two of the nation’s leading menswear specialty chains is part of a wave of consolidation in retail.
“We’ve had a lot of category killers be eliminated and then we see the last guy standing, such as Best Buy in the electronics category, Barnes & Noble in the book category. And this is kind of what’s beginning to happen within apparel retail to a large degree.”
The takeover bid comes just three months after Men’s Wearhouse ousted its founder and executive chairman, George Zimmer.