NEW YORK (AP) — Men's Wearhouse and Jos. A. Bank Clothiers Inc. are moving a bit closer to a possible combination, announcing they are exchanging certain confidential information with each other.
Men's Wearhouse Inc. said Monday that it's also received a draft merger agreement from Jos. A. Bank.
The news comes four days after Jos. A. Bank, based in Hampstead, Md., rejected the latest acquisition bid of $1.78 billion from Men's Wearhouse. The offer of $63.50 per share was increased from Men's Wearhouse's previous bid of $57.50 per share. The Houston company has said it may raise the bid to $65 per share, if some conditions are met.
While Jos. A. Bank nixed the $63.50 per share offer, it did say Thursday that it was willing to meet with Men's Wearhouse to discuss the higher bid.
Men's Wearhouse's $63.50 per share offer is set to expire on March 12, unless extended.
Walter Loeb, a New York-based retail consultant, said that the latest maneuver is much more than gamesmanship between the two chains.
"I think they're getting closer to a deal," he said. "There's pressure from shareholders from both sides."
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