Jos. A. Bank Clothiers has rejected The Men’s Wearhouse Inc.’s offer to acquire the company for $55 a share, or about $1.54 billion.


The offer, which came late last month after MW declined a $2.4 billion bid to be taken over by its smaller competitor, was declined based on a unanimous vote of its board, Jos. A. Bank said.

“Our board undertook a thorough review and determined that the per-share consideration in the proposal made to us by Men’s Wearhouse was simply not in the best interest of our shareholders,” said Robert Wildrick, chairman of Hampstead, Md.-based Jos. A. Bank. “At the same time we continue to review acquisition opportunities that would represent a strong strategic fit with our company and provide an opportunity to leverage our core competencies to drive meaningful growth, synergies and substantial value creation over the long term.”

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An acquisition of one company by the other would have combined the two largest U.S.-based men’s specialty store operators, with MW’s $2.5 billion in annual sales substantially ahead of Bank’s $1 billion in scale.

Prior to its offer to buy MW, Jos. A. Bank had been reported to be among the companies considering an offer for Lucky Brand, the Fifth & Pacific Cos. Inc. subsidiary which the parent firm two weeks ago agreed to sell to an affiliate of Leonard Green & Partners for $225 million.