On Wednesday, Jos. A. Bank made a tender offer to acquire Men's Wearhouse Inc. The deal was offered at around USD2.3 billion and would be paid in an all cash transaction. However, the offer was rejected by Men's Wearhouse. The latter said that the Men's Wearhouse saw the deal to be inadequate and could do better on its own.

Men's Wearhouse had adopted the shareholder rights plan otherwise known as the "poison pill" later on Wednesday, said a Reuters report. This shareholder rights plan would be triggered if an outside investor acquired more than 10% or more of the company's common stock. The poison pill would also be triggered if a passive institutional investor would plan a 15% stake takeover. The poison pill of Men's Wearhouse would expire on September 30, 2014 unless the company decides to have it ended earlier, said a Reuters report.

The offered cash price valued at USD48 per share piece would create a men's wear heavyweight with more than 1700 stores in North America, according to a report from Reuters. The offer would be equivalent to a 36% premium to the closing price of Men's Wearhouse shares at the close of trade last Tuesday.