Less than two months after it rejected a proposal from rival Jos. A. Bank to be taken over, Men's Wearhouse turned the tables Tuesday.
Men's Warehouse is offering to buy Jos. A. Bank Clothiers Inc. for $55 a share, for an estimated value of $1.2 billion.
"We believe we are the right acquiror for this combination and that our experienced management team is best positioned to execute the integration of our companies," said said Bill Sechrest, lead director of the Men's Wearhouse board. "We are ready to engage with the Jos. A. Bank's Board immediately."
In a statement, Jos. A. Bank confirmed the receipt of the unsolicited bid proposal and said its board of directors would review it and "respond in due course."