US: Men's Wearhouse and Jos A Bank begin merger talks
Following rejection by Jos A Bank of its improved offer last week, Men's Wearhouse said the two companies have agreed to "work in good faith to evaluate a potential combination". The company added that it has received a draft merger agreement from Jos A Bank.
Men's Wearhouse says its existing cash tender offer for $63.50 would provide Jos A Bank shareholders with a "substantial premium and immediate value", and that it is prepared to increase its offer price to $65 per share "if Jos A Bank can demonstrate or Men's Wearhouse can discover additional value through discussions or limited due diligence".
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