Men's Wearhouse Nods To Jos. A. Bank's Invitation To Conduct Due Diligence

(RTTNews) - Men's Wearhouse (MW), in a letter to Jos. A. Bank Clothiers (JOSB), has expressed its willingness to meet up, following Jos. A. Bank's official announcement for further talks on the proposal. In its meeting with Jos. A. Bank, Men's Wearhouse said, it would particularly discuss about the due diligence list, transaction structure, transaction certainty and other terms/next steps.

Men's Wearhouse began a cash tender offer for the outstanding shares of Jos. A. Bank Clothiers, Inc. for $63.50 per share. The tender offer is slated to expire at 5:00 p.m., New York City time on Friday, March 12, 2014, unless the offer is extended.

Last evening, Jos. A. Bank has rejected Men's Wearhouse Inc.'s $1.8 billion takeover offer, stating it to be "inadequate".

BofA Merrill Lynch and J.P. Morgan Securities LLC are serving as financial advisors to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.