Jos. A. Bank Rejects Men's Wearhouse $1.61B Bid

Retailer Jos. A. Bank has rejected a $1.61 billion takeover offer from rival Men's Wearhouse. The two men's clothing shops have been engaged in a strange courtship for months. Bank said Friday that the offer is still too low and not in the best interest of shareholders, urging them to reject the offer, saying it significantly undervalues the company's potential. It also asked stock holders are to tender their shares and vote for its two candidates for Hampstead, Md., company's board.

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