By  on December 26, 2013

The Pac-Man defense didn’t work for The Men’s Wearhouse Inc. in its recent table-turning effort to acquire archrival Jos. A. Bank Clothiers Inc., but it left the door open for more wrangling by the two men’s wear specialty retailers.

After a unanimous vote by its board, Bank earlier this week rejected MW’s offer, made on Nov. 26, to be acquired for $55 a share, or about $1.54 billion. The Hampstead, Md.-based Bank had just 12 days earlier seen the expiration of its offer to acquire the larger MW operation for $2.4 billion, or about $48 a share.
But MW made it clear that it was still in the hunt for Bank and might up the ante by attempting to reconstitute its rival’s board with individuals more open to a business combination on its terms.

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