Men’s Wearhouse pursues Jos. A. Bank

Associated Press

NEW YORK

Never say never.

Just when it looked like a potential combination of Men’s Wearhouse and Jos. A. Bank was dead in the water, the script has been flipped.

Now it’s Men’s Wearhouse that is offering approximately $1.54 billion for its rival. Less than two weeks ago, Jos. A. Bank dropped a $2.3 billion bid for its competitor. A combination could create a menswear powerhouse of more than 1,700 outlets.

The announcement that Men’s Wearhouse was interested in a possible deal came as a bit of a surprise Tuesday. The retailer had received an unsolicited offer of $48 per share from Jos. A. Bank Clothiers Inc. in September. But it rejected that bid in October, calling it “opportunistic” and inadequate.”