Jos. A. Bank rejects Men's Wearhouse's latest bid

Jos. A. Bank Clothiers Inc sees no benefit in entering talks with Men's Wearhouse. The now pursued menswear retailer rejected Sunday yet another offer by rival Men's Wearhouse Inc, the latest in a 5-month acquisition battle between the two men's clothing brands. "After carefully reviewing your offer with

our financial and legal advisers, we continue to believe that your offer to acquire Jos. A. Bank substantially undervalues our company and that your proposal is not in the best interests of our stockholders," said the letter to Douglas Ewert, president of Men's Wearhouse.

Despite the sweetened proposal, Jos. A. Bank defends the offer still undervalues the company.

"Accordingly, we see no benefit in commencing negotiations with Men's Wearhouse," concluded Ewert in response to Men's Wearhouse offer last week, catered to the smaller rival´s independent directors and in with they offered to improve the offer under certain conditions.

Jos. A. Bank turns down latest offer Men's Wearhouse and pursues Eddie Bauer

In a letter issued Sunday, Jos. A. Bank said the Men's Wearhouse offer "substantially undervalues our company" and that "we see no benefit in commencing negotiations with Men's Wearhouse".

In a letter to Jos. A. Bank's independent directors days before, Men's Wearhouse advanced its intentions of posing an offer of 1.61 billion dollars, or 57.50 dollars per share, "if additional value was discovered through discussions or limited due diligence."

Additionally, news broke on Saturday that Jos. A. Bank was reportedly in talks to buy retailer Eddie Bauer Inc from private equity owner Golden Gate Capital, according to a source familiar with the talks quoted by the 'Wall Street Journal'.

Jos. A. Bank, in an earlier filing, disclosed an interest in pursuing other targets it didn't identify. While talks for Eddie Bauer are the main focus now, one of the other retailers considered was men's clothier Brooks Brothers Inc., according to data gathered by Bloomberg.