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Jos. A. Bank's Offer To Buy Men's Wearhouse Is Rejected (UPDATED)

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OAKLAND, CA - NOVEMBER 02: A sign hangs in the window of a Men's Wearhouse store in solidarity with Occupy Oakland's general strike on November 2, 2011 in Oakland, California. Thousands of protestors have taken to the streets for a general strike organized by Occupy Oakland. (Photo by Justin Sullivan/Getty Images) | Getty

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)

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