(UPDATED, 11:26 a.m.)—Men's Wearhouse, Inc. has rejected a bid from Jos. A Bank, Inc., its Carroll County based competitor, to buy the company for $2.3 billion, according to The Baltimore Business Journal.
The newspaper reports Men's Wearhouse rejected the $48 a share offer because its Board of Directors felt the bid undervalued the company.
The rejection comes just hours after it was reported on Wednesday by the The Baltimore Sun that Jos. A Bank had made an offer to purchase Men's Wearhouse.
The offer and rejection comes on the heels of Men’s Wearhouse Board
of Directors firing George Zimmer, the company’s founder, in June because of
concerns about the chain’s direction.
In a statement, the board explained firing Zimmer because it “was unable to convince any of the Board members of senior executives that his positions were in the best interests of employees, shareholders or the company’s future.”
Zimmer had been the face of the company and served as its spokesman in commercials that ended with the tagline: “You’re going to like the way you look.”