Jos A. Bank Won’t Rule Out Hostile Bid for Men’s Wearhouse

Jos A Bank Jos A. Bank Clothiers Inc has received support for its $2.3 billion takeover bid for Men’s Wearhouse Inc from the majority of the shareholders with big stakes in both companies, Jos A. Bank chairman Robert Wildrick said in an interview on Wednesday.

“We want this to happen on a friendly basis,” Wildrick said today in an interview. “But at this point we have not ruled anything out.” Wildrick said he won’t make a new, higher bid without looking at the company’s books. He said he prefers to acquire Men’s Wearhouse with a friendly offer that’s best for the shareholders of both companies.

Jos A. Bank last week said it had proposed a $48 per share all-cash offer, a 36% premium from one day before the proposal went public, to acquire Men’s Wearhouse. This was also a 42% premium from one day before Jos A. Bank initially reached out to Men’s Wearhouse in September.

Men’s Wearhouse then adopted a poison pill, or shareholder rights plan, that would prevent new shareholders from holding a sizable chunk of the company’s shares.

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