Jos. A. Bank Drops Bid for Men's Wearhouse

Jos. A. Bank Clothiers terminated its unsolicited $2.3 billion takeover offer for rival men's clothing retailer Men's Wearhouse, though left the door open for the potential of future acquisition talks. Jos. A. Bank had said it would drop its buyout offer if Men's Wearhouse's board didn't engage in negotiations by Thursday. "Jos. A. Bank continues to believe that a transaction could be in the best interest of the respective shareholders of the two companies," Jos. A. Bank said in a statement early Friday.