Jos. A. Bank is willing to consider raising the acquisition price it proposed to Men's Wearhouse on September 18, 2013 of $48 per share, or a 42% premium to the closing price of Men's Wearhouse common stock on the day prior, if Jos. A. Bank is given the opportunity to conduct limited due diligence in order to determine that such an increase would be justified.
Jos. A. Bank notes that it believes its September 18th proposal represents superior, immediate value for the shareholders of Men's Wearhouse when compared to the uncertain discounted present value of the long-term plan issued by Men's Wearhouse earlier this week.
Despite the proposed premium and the strong, positive reaction to it in the market, the Board of Directors of Men's Wearhouse has refused to discuss the proposal with Jos. A. Bank. If the Men's Wearhouse Board continues this stance and has not engaged in good faith discussions with Jos. A. Bank by Thursday, November 14, 2013, Jos. A. Bank will terminate its proposal.
About Jos. A. Bank
Jos. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 628 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website.