Men's Wearhouse Rejects Jos. A. Bank's $2.3B Takeover Bid

Men's Wearhouse rejected an unsolicited $2.3 billion takeover bid by Jos. A. Bank Clothiers on Wednesday, calling the proposed deal "highly opportunistic" and likely to draw antitrust scrutiny. Jos. A. Bank proposed paying $48 a share in cash for Men's Wearhouse, 36 percent above its closing stock price on Tuesday. But the Men's Wearhouse board said the bid undervalued the company and wasn't in the best interests of shareholders.