Jos. A. Bank Clothiers (JOSB) announced Thursday that its board has unanimously rejected larger rival Men's Wearhouse Inc.'s (MW) sweetened $63.50 per share unsolicited offer to acquire it as inadequate, but said it is open to discussions on a possible deal and a further sweetened offer.
Jos. A. Bank gapped open sharply higher Friday, but was range-bound throughout the session. Shares finished with a gain of 1.78 at $62.08 on above average volume. The stock jumped to a new high for the year.
Men's Wearhouse gapped up sharply Friday and climbed until around 1:30PM, before settling into a range. The stock closed up by 3.37 at $53.79 and broke out to a new high for the year.
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