Following a heated back-and-forth between Jos. A. Bank and the Men’s Wearhouse, which culminated in an ultimatum, Jos. A. Bank Clothiers has terminated its acquisition proposal.
As previously reported, Jos. A. Bank had advised the Men's Wearhouse board that it would terminate its all-cash proposal to purchase the company for $48 per share if the board failed to “engage in good faith negotiations” by Nov. 14. The day came and went and the companies continued in a deadlock.