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Jos. A. Bank spurns Men's Wearhouse takeover offer

An employee works inside a Jos. A. Bank retail store on December 5, 2013 in San Francisco, California.
An employee works inside a Jos. A. Bank retail store on December 5, 2013 in San Francisco, California. Justin Sullivan

Jos. A. Bank rejected a takeover offer from competitor Men's Wearhouse on Monday, saying the $1.54 billion bid is too low. 

Jos. A. Bank Clothiers Inc. said its board unanimously rejected the offer. The Hampstead, Md., company said it will continue to look into acquisition opportunities that would create value for its shareholders. 

Jos. A. Bank offered to buy its larger rival in September for $2.3 billion, or $48 per share. Men's Wearhouse turned down that offer and offered to buy Jos. A. Bank for $1.54 billion, or $55 per share. A combination could create a menswear powerhouse of more than 1,700 outlets.