Men’s Warehouse doesn’t like the way Jos. A. Bank thinks it looks.
Jos. A. Bank, the men’s clothing giant with 500 stores across the U.S. and more than $1 billion in revenue last year, offered $2.3 billion on Wednesday in an unsolicited takeover bid for its closest rival, Men’s Warehouse. In a statement, Men’s Warehouse quickly swatted the bid away, calling an “opportunistic” one that undervalued the company, Bloomberg reports.
After rejecting the offer, Men’s Warehouse’s board adopted a shareholder rights plan as a takeover defense. The plan, which is good for one year, allows investors to buy Men’s Warehouse stock at a discounted price when someone acquires more than 10 percent of the company’s common stock in a transaction not approved by the board.
Men’s Warehouse made headlines in June when the board removed the company’s founder and pitchman George Zimmer, who starred in the company’s commercials since the mid 1980s, with his famous catchphrase: “You’re gonna like the way you look.”