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Jos. A. Bank rejects MW offer but calls for talks

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The battle for ruling price-conscious men's clothing continues.

On Thursday, clothier Jos. A. Bank rejected the latest acquisition proposal from The Men's Wearhouse, but it called for a meeting to discuss a higher price that could seal a deal.

"...Our board has authorized our meeting with you to establish a process that will enable you to advise our board as to the highest price you are prepared to pay in an acquisition of Jos. A. Bank," the company said, in a statement quoting a letter to Men's Wearhouse CEO Douglas Ewert.

(Read more: Gap's profit drops 12.5%; outlook trails estimates)

Earlier this week, Men's Wearhouse filed a lawsuit against the directors of Jos A Bank, accusing the company of failing to act in the best interest its stockholders.

Men's Wearhouse on Monday raised its cash tender offer to Jos. A. Bank shareholders to $63.50 per share from $57.50, and added it could increase the offer to $65.00 if it was allowed to conduct limited due diligence.

For the past few months each company has sought to take control of the other.