US men's apparel and footwear business Jos A Bank Clothiers has once again rejected a bid by Men's Wearhouse for the company.

The retailer last week submitted a cash tender offer for all outstanding shares of Jos A Bank of US$63.50 per share, up from its previous offer of $57.50 per share.

Jos A Bank, however said it was "unanimously" rejecting the offer as "inadequate", but said it would be willing to meet with Men's Wearhouse to "establish a process that will enable you to advise our board as to the highest price you are prepared to pay in an acquisition of Jos A Bank".

Click here for background on the story and here for an insight into the ongoing battle between the two firms.