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February 24, 2014 AT 7:27 AM
Men's Wearhouse raised its offer for Jos. A. Bank Clothiers by over 10 percent, nearly two weeks after its smaller rival looked to fend off the unsolicited bid by agreeing to acquire Eddie Bauer. Men's Wearhouse raised its cash tender offer to Jos. A. Bank shareholders to $63.50 per share, from $57.50, and added it could increase the offer to $65 if it was able to conduct limited due diligence. The increased offer values Jos. A. Bank at about $1.78 billion based on its shares outstanding as of November 2, up from about $1.61 billion it offered last month.