Shares of Men’s Wearhouse fell 3 percent after the company said Monday that it won’t give Jos. A Bank Clothiers access to nonpublic information that it could use to assess whether to potentially raise its $2.3 billion buyout offer.
On Thursday, Jos. A Bank said it would consider boosting its bid if allowed access to nonpublic information. The company also said it would drop its offer if “good faith discussions” are not held by Nov. 14.
Jos. A. Bank made an unsolicited offer of $48 per share for Men’s Wearhouse in September. In October, Men’s Wearhouse rejected the bid, calling it “opportunistic” and “inadequate.”
On Monday, the company said its board met with external financial and legal advisers and determined with them that it wasn’t in its shareholders’ best interest to give Jos. A Bank access to the information.