Men's Wearhouse said it would acquire rival Jos. A. Bank Clothiers for about $1.8 billion, ending a five-month takeover battle that started with Jos. A. Bank offering to buy its larger menswear rival.
The companies, operating in a mature market, have bid and counterbid for each other since October when Jos. A. Bank offered to buy Men's Wearhouse for about $2.3 billion.
The increased offer price of $65 per share announced on Tuesday is a premium of 5.1 percent to Jos. A. Bank's Monday closing price. But it is 56 percent more than the stock's price in October before the merger battle began.