January 28, 2014 (Shareholders Foundation) - An investor in shares of Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) filed a lawsuit in connection with the rejected offer by The Men's Wearhouse to take over Jos. A. Bank Clothiers Inc (NASDAQ:JOSB).
According to the complaint the plaintiff alleges that directors of Jos. A. Bank Clothiers Inc breached their fiduciary duties owed to NASDAQ:JOSB stockholders by rejecting the offer by The Men's Wearhouse to acquire Jos. A. Bank Clothiers Inc and by implementing tougher takeover defenses at Jos. A. Bank Clothiers Inc after the takeover offer.

On November 26, 2013, Jos. A. Bank Clothiers Inc confirmed that it has received an unsolicited, non-binding acquisition proposal from The Men's Wearhouse, Inc. (NYSE:MW). The Men's Wearhouse proposed to acquire all of the outstanding shares of Jos. A. Bank Clothiers (Nasdaq: JOSB) common stock for $55.00 per share in cash. On December 23, 2013, Jos. A. Bank Clothiers Inc rejected the offer made by The Men's Wearhouse, Inc on November 26, 2013.

Then on January 3, 2014, Jos. A. Bank Clothiers Inc announced that its Board of Directors has approved an amendment to its shareholder rights plan to, among other things, reduce the ownership threshold to 10 percent from 20 percent of outstanding common shares.

Then on Jan. 6, 2014, Jos. A. Bank Clothiers Inc confirmed that The Men's Wearhouse, Inc. (NYSE:MW) has commenced an unsolicited tender offer to acquire all outstanding common shares of the Company at a price of $57.50 per share, which the board of directors of Jos. A. Bank Clothiers Inc rejected on January 17, 2014.

Jos. A. Bank Clothiers Inc reported that its Total Revenue rose from $770.32 million for the 12 months that ended on Jan. 30, 2010 to over $1.04 billion for the 12 months that ended on Feb. 2, 2013.

On Feb. 3, 2014, NASDAQ:JOSB shares closed at $53.39 per share.