Oct 9 (Reuters) - Men's Wearhouse Inc rejected smaller rival Jos. A. Bank Clothiers Inc's $2.3 billion takeover offer, saying it significantly undervalued the company and could raise antitrust issues.
The offer does not reflect the company's growth strategy and upside potential, Bill Sechrest, lead director of the Men's Wearhouse board, said in a statement.
Jos. A. Bank said earlier on Wednesday it had made an all-cash offer of $48 per share to buy its bigger rival, representing a premium of 36 percent to Men's Wearhouse closing price on Tuesday. (Reporting by Siddharth Cavale in Bangalore; Editing by Maju Samuel)
ALSO ON HUFFPOST:
We’re basically your best friend… with better taste. Learn more