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NEW YORK (AP) — Men's Wearhouse and Jos. A. Bank Clothiers Inc. are moving a bit closer to a possible combination, announcing they are exchanging certain confidential information with each other.
Men's Wearhouse Inc. said Monday that it's also received a draft merger agreement from Jos. A. Bank.
The news comes four days after Jos. A. Bank, based in Hampstead, Md., rejected the latest acquisition bid from Men's Wearhouse. The offer of $63.50 per share was increased from Men's Wearhouse's prior bid of $57.50 per share. The Houston company has said it may raise the bid to $65 per share, if some conditions are met.
Shares of Jos. A. Bank rose 63 cents to $62.72 in premarket trading. Men's Wearhouse's stock was unchanged.
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