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January 3, 2014
09:02 EDTJOSB, MWJoS. A. Bank approves amendment of shareholder rights plan
Jos. A. Bank Clothiers (JOSB) announced that its board has approved an amendment to its shareholder rights plan to, among other things, reduce the ownership threshold to 10% from 20% of outstanding common shares. The company said that in light of the hostile actions The Men's Wearhouse (MW) has taken and threatened to take against the company, which are not in the best interest of the company's shareholders, the board felt it was appropriate to protect the company's shareholders by leveling the playing field and ensuring that the Jos. A. Bank Rights Agreement has the same triggering ownership threshold as that of the Men's Wearhouse Rights Agreement. On December 23, 2013, the Jos. A Bank board unanimously rejected a non-binding acquisition proposal by Men's Wearhouse based on its determination that the proposal significantly undervalued the company and its near and long-term potential.
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