US men's apparel and footwear business Jos A Bank Clothiers has turned down yet another acquisition bid by Men's Wearhouse as the battle for takeover between the two retailers continues.

In response to an improved bid by Men's Wearhouse last week, Jos A Bank published an open letter stating that the offer substantially undervalues the company.

On Thursday (30 January), Men's Wearhouse CEO Douglas Ewert reiterated that it had submitted a "compelling" all-cash offer to acquire the company for US$57.50 per share. This was lifted in December from its November offer of $55.

Jos A Bank, however, has continued to reject all offers by the firm, claiming they are "inadequate" from a financial point of view and "not in the best interest" of its stockholders.

"We see no benefit in commencing negotiations with Men's Wearhouse," the company said in its letter at the weekend.

The rejection of the offer last month is the latest move in a long-running battle between the two retailers.

The letter is also published amid reports Jos A Bank is in talks to buy outdoor wear brand Eddie Bauer from private equity firm Golden Gate Capital, according to Reuters.

Details of the talks were not revealed and Jos A Bank could not be reached for comment at the time of going to press.