HAMPSTEAD, Md - Jos. A. Bank is pulling its $2.3 billion acquisition offer for rival Men's Wearhouse.
Shares of Men's Wearhouse dropped almost 7 percent in premarket trading Friday.
Jos. A. Bank made an unsolicited offer of $48 per share for Men's Wearhouse Inc. in September. Men's Wearhouse rejected the bid in October, calling it "opportunistic" and "inadequate."
In late October Jos. A. Bank Clothiers Inc. announced that it would terminate its bid by Nov. 14 if there continued to be no discussions on the proposal. The company says it still believes that a deal could be in the best interest of both companies' shareholders.
An email was sent seeking comment from Men's Wearhouse. Its shares fell almost $3.11 to $43.01 in premarket trading.