Jos. A. Bank Clothier Inc. has rejected a $1.61 billion takeover offer from rival Men's Wearhouse. The two men's clothing retailers have been engaged in a strange courtship for months. Jos. A. Bank made a bid for The Men's Wearhouse Inc. last year that was rejected.
Men's Wearhouse then turned the tables and made a bid for Jos. A. Bank that was denied in December. It then raised the offer to $57.50 per share from $55 per share. But Jos. A. Bank said Friday that the offer is still too low and not in the best interest of shareholders. Men's Wearhouse plans to take the deal to directly to shareholders and Jos. A. Bank is urging shareholders to reject the offer, saying it significantly undervalues the company's potential.