Newman Ferrara LLP has begun an investigation into potential claims against the Board of Directors of The Men’s Wearhouse, Inc. (“MW”) (NYSE: MW) concerning its rejection of the offer made by Jos. A. Bank Clothiers, Inc. (“Jos. A. Bank”) (Nasdaq: JOSB) to acquire MW for $48.00 per share and its denial of Jos. A. Bank’s request to conduct limited due diligence for the purpose of raising that offer.
On October 9, 2013, MW’s Board rejected Jos. A. Bank’s offer to acquire MW for $48.00 per share in cash. Despite representing a 42% premium to the closing price of MW stock on the day prior, MW’s Board stated that the offer price represented “inadequate consideration.”
On October 31, 2013, Jos. A. Bank sent a letter to MW stating its willingness to consider raising its $48.00 per share offer if it is given the opportunity to conduct limited due diligence. The letter also indicated that MW’s Board “has refused to discuss the proposal with us.”
On November 4, 2013, MW’s Board denied Jos. A. Bank’s request to conduct limited due diligence for the purpose of raising its offer. In response, Robert Wildrick, Chairman of Jos. A. Bank’s Board issued a statement stating that “we are disappointed that the board of MW has rejected our request for information and thereby chosen not to explore the potential of Jos. A. Bank’s proposal for the benefit of their shareholders. Their board’s position is a matter for consideration by the shareholders of Men’s Wearhouse.”
Newman Ferrara’s investigation concerns whether MW’s Board has breached its fiduciary duties to act in the best interests of MW’s shareholders by rejecting Jos. A. Bank’s offer to acquire MW and denying Jos. A. Bank’s request to conduct limited due diligence for the purpose of increasing that offer.
Concerned investors may contact Newman Ferrara at
or (212) 619-5400 to discuss this investigation, their rights, or potential remedies.
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