NEW YORK (AP) — A minority shareholder of Jos. A. Bank has nominated two independent directors for the board of the men's clothing company which is being pursued by rival Men's Wearhouse.
Eminence Capital LLC, which owns 4.9 percent of Jos. A. Bank's stock, nominated former Phillips Van Heusen Corp. Chairman Bruce Klatsky and former Federated Department Stores President Norman Matthews.
Men's Wearhouse recently raised its offer to acquire Jos. A. Bank to $1.61 billion. It is now offering $57.50 per share for Jos. A. Bank, up from its prior offer of $55 per share, or $1.54 billion.
Jos. A. Bank rejected the previous offer in late December, saying it was too low. Men's Wearhouse said it is taking the bid directly to Jos. A. Bank shareholders. Men's Wearhouse also plans to nominate two people to the Jos. A. Bank board.
Eminence Capital CEO Ricky Sandler said in a statement on Tuesday that Eminence still plans to support Men's Wearhouse Inc.'s nominees and will withdraw its nominees if those proposed by Men's Wearhouse are still in the running when Jos. A. Bank holds its annual meeting.
Shares of Jos. A. Bank Clothiers Inc. fell 18 cents to $56.31 in morning trading Tuesday.