Jos. A. Bank board urges Men's Wearhouse rejection

Jos. A. Bank Clothiers's board recommended on Friday that the company's shareholders reject a $1.61 billion hostile bid from Men's Wearhouse, calling it inadequate.

Men's Wearhouse mounted a hostile bid for Jos. A. Bank earlier this month in an attempt to break the resistance of its smaller rival and pacify investors hungry for a merger of the suit retailers.

—By Reuters