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Naked Fight Among Clothiers: Jos. A Bank v. Men's Wearhouse

Men's Wearhouse is continuing its bid to buy Maryland-based Jos. A Bank Clothiers. The offer has climbed over $1 billion.

Men's Wearhouse is continuing its bid to buy Maryland-based Jos. A Bank Clothiers. File|Patch
Men's Wearhouse is continuing its bid to buy Maryland-based Jos. A Bank Clothiers. File|Patch

The battle for suit supremacy -- waged by businessmen and lawyers in suits -- continues unabated in Maryland. First, Hampstead-basedJos. A Bank Clothiers tried to buy its competitor, Men’s Wearhouse Inc.

That deal was a no-go, and Men’s Wearhouse of New York reciprocated by trying to buy Jos. A Bank Clothiers. Maybe the Jos. A Bank board doesn't believe the longtime TV tagline from the Men's Wearhouse commercials: "You're going to like the way you look. I guarantee it."

Negotiations for that acquisition seem to have stalled, although a letter this week to the Jos. A Bank independent directors is trying to change that.

The letter by Men’s Wearhouse CEO Douglas S. Ewert to the independent directors suggests they form a special committee to reconsider the company’s $1.6 billion acquisition offer, adding that it is willing to increase the bid, reports the Baltimore Business Journal.

Jos. A. Bank’s board, led by chairman and former CEO Robert N. Wildrick, has rejected multiple takeover offers from Men’s Wearhouse in recent months. On Thursday, Ewert wrote that the company is willing to increase its offer of $57.50 per share if more value is found, the Business Journal says.

The takeover tussle began in October when Jos. A. Bank offered to acquire Men's Wearhouse for $2.3 billion — a deal that was rejected. Men’s Wearhouse then began seeking to acquire its rival.

Read the Baltimore Business Journal's full story at: http://www.bizjournals.com/baltimore/news/2014/01/30/mens-wearhouse-jos-a-bank-merger.html?ana=twt

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