The Deal: Jos. A. Bank Still on The Hunt For Takeover Prospects

NEW YORK (The Deal) -- Jos. A. Bank Clothier (JOSB) is still shopping for acquisitions despite the termination of its $48 per share, $2.3 billion offer for Men's Wearhouse, Gilbert Harrison, chairman of investment bank Financo said Friday.

Financo, along with Goldman, Sachs & Co. (GS), is Hampstead, Md.-based Jos. A. Bank's financial adviser.

Destination XL Group (DXLG), formerly known as Casual Male Corp., with a market cap of about $320 million and also a purveyor of men's wear, has been reported to be a potential target.

Harrison said he couldn't comment on specific targets. He also declined to say whether private equity firm Golden Gate Capital might be on board for a deal other than Men's Wearhouse, though he did say that the two entities have an "extremely good relationship."

Despite looking for additional targets, Jos. A. Bank would still consider making a new offer for Men's Wearhouse, were the Houston-based company to change its mind, Harrison added. He emphasized, however, that the deadline for the $48 per share offer has not been extended.

In terminating its outstanding offer for Men's Wearhouse, Jos. A. Bank chairman Robert Wildrick on Friday said in a statement that were the target to invite it back to the table, it "would consider whether a new proposal ... is warranted."

Harrison pointed out that the advisers didn't even get to the point of discussing alternative deal structures, such as offering stakes in a merged company to Men's Wearhouse shareholders, because the target never engaged in a dialogue.

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