The Houston company's CEO, Douglas S. Ewert, said in a letter to Jos. A. Bank Chairman Robert N. Wildrick that the company would send their rival a list of limited information they needed to review in connection with a proposed acquisition bid. Men's Wearhouse also said it was ready to meet to discuss the structure of a deal and the next steps needed to complete it.
"We look forward to reaching a transaction that creates value for all of our shareholders," Ewert wrote.
The letter was sent a day after Jos. A. Bank Clothiers Inc. rejected the latest acquisition bid from Men's Wearhouse but said it was willing to meet and discuss a higher bid.
Men's Wearhouse Inc. had offered $63.50 per share for Jos. A. Bank, which was up from its prior bid of $57.50 per share. It also had said it could raise the bid to $65 per share, if some conditions are met.
The two companies have been trading acquisition proposals since October, when Jos. A. Bank offered to buy its larger rival for $2.3 billion. Men's Wearhouse rejected that offer and turned the tables, offering to buy its rival for $1.54 billion. But after Hampstead, Md.-based Jos. A Bank turned down that overture, Men's Wearhouse increased its bid to $1.6 billion, and then again to $1.78 billion.
Men's Wearhouse shares jumped 5.2 percent, or $2.61, to $53.03 in midmorning trading Friday, while Jos. A. Bank shares rose 2.5 percent, or $1.50, to $61.80 as broader trading indexes rose slightly.