Jos. A. Bank Clothiers Inc. Sunday stepped up the rhetoric in its resistance to The Men’s Wearhouse Inc.’s $1.61 billion cash tender offer, accusing its rival’s directors of both inconsistency and failure to meet their fiduciary obligations.
The sharply worded letter was in response to one MW sent to Bank’s independent directors on Thursday. In its letter Sunday, Hampstead, Md.-based Bank declined to form a special committee to consider the MW proposal to pay Bank shareholders $57.50 a share. Bank noted that a “substantial majority” of the board — all but two of its seven members, chairman Robert Wildrick and president and chief executive officer Neal Black — are independent and that allegations of a conflict of interest are “baseless.”
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