US men's apparel and footwear business Jos A Bank Clothiers has urged its shareholders to "hold on" with regard to the latest tender offer from Men's Wearhouse, while it reviews the bid.

Retailer The Men's Wearhouse yesterday (6 January) submitted a higher offer to acquire all outstanding shares of Jos A Bank. It offered to acquire the company for $57.50 per share, bettering its November offer of $55.

In a statement following the bid, Jos A Bank said that, consistent with its fiduciary duties, it will "carefully review" all aspects of the offer in consultation with its financial and legal advisors. It is expected to make a recommendation to shareholders on or before 17 January.

"The company's stockholders are advised to take no action on the tender offer until the company's board of directors has announced its recommendation to stockholders. The date for the company's 2014 annual meeting of shareholders has not yet been announced and shareholders are not required to take any action at this time with respect to the Men's Wearhouse nominees or otherwise."

Yesterday's hostile bid comes just days after the smaller rival upped its buyout defenses and is the latest move in a long-running battle between the two retailers.