NEW YORK (AP) -- Men's Wearhouse says its board has rejected an unsolicited $2.3 billion bid by rival Jos. A. Bank to acquire the men's wear chain. It says the offer wasn't in the best interest of the company or its shareholders.
In a news release issued Wednesday, the company says the offer "significantly undervalues Men's Wearhouse and its strong prospects for continued growth and value creation."
The rejection comes after Jos. A. Bank Clothiers made public earlier Wednesday that it had made the offer last month.
The Hampstead, Md.,-based Jos. A. Bank said it offered to pay $48 in cash for each share of Men's Wearhouse.