Men's Wearhouse lifts takeover bid for Jos A Bank

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Associated Press

Posted on February 24, 2014 at 7:01 AM

Updated Monday, Feb 24 at 7:02 AM

FREMONT, Calif. (AP) — Men's Wearhouse is stepping up its pursuit of Jos. A. Bank Clothiers Inc., boosting the takeover offer for its rival by 10 percent to about $1.78 billion.

The move comes 10 days after Jos. A Bank announced that it was planning to buy the parent company of Eddie Bauer in a cash-and-stock deal valued at $825 million.

Men's Wearhouse Inc. said Monday it's now offering $63.50 per share, up from its prior $57.50 per share bid. The new offer is conditioned on Jos. A. Bank ending its deal for Eddie Bauer.

Men's Wearhouse said it may raise its Jos. A. Bank bid to $65 per share if able to examine its books with access to Jos. A. Bank's management team.

Shares of both companies rose in premarket trading.

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