Men's Wearhouse made a hostile $1.6 billion cash bid for Jos. A. Bank on Monday.In addition, the latter was notified that two members will be nominated for its board of directors.

Last year, Jos. A. Bank offered to acquire Men's Wearhouse for $2.4 billion. After that bid was rejected, Men's Wearhouse made an unsolicited bid at $55 per share for Jos. A. Bank. This is a 6% premium to its Friday closing price. However, that bid was also turned down.

Shares of both retailers went up 5% in the premarket trading on the news of the latest bid.

On Friday, Jos. A. Bank, announced a poison pill defense, or a shareholders' rights plan. This plan blocks a hostile bid by granting further shares to any buyer that acquires 10% of its shares.

Men's Wearhouse is currently under pressure from Eminence Capital, its biggest stakeholder, to seal a deal.