Men's Wearhouse increases takeover bid for Jos A. Bank

FREMONT, Calif. (AP) - Men's Wearhouse is stepping up its pursuit of Jos. A. Bank Clothiers Inc., boosting the takeover offer for its rival by 10 percent to about $1.78 billion.

The move comes 10 days after Jos. A Bank announced that it was planning to buy the parent company of Eddie Bauer in a cash-and-stock deal valued at $825 million.

Men's Wearhouse Inc. said Monday it's now offering $63.50 per share, up from its prior $57.50 per share bid. The new offer is conditioned on Jos. A. Bank ending its deal for Eddie Bauer.

Men's Wearhouse said it may raise its Jos. A. Bank bid to $65 per share if able to examine its books with access to Jos. A. Bank's management team.

Shares of both companies rose in premarket trading.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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