Jos. A. Bank Clothiers rejected a $1.54 billion takeover proposal from Men’s Wearhouse Inc. as too low. The shares remained above the offer price, indicating investors expect a higher bid.
The Men’s Wearhouse offer ‘‘significantly undervalued’’ the company and wasn’t in shareholders’ best interest, Hampstead, Maryland-based Jos. A. Bank said Monday in a statement. The company said it would continue to seek its own acquisitions to boost shareholder value. Men’s Wearhouse said in its own statement Monday that it still is considering ways to ‘‘make this combination a reality.’’
Jos. A. Bank’s rejection of the offer represents another turn in a takeover battle that it started in October with a $2.3 billion bid for Men’s Wearhouse, based in Houston. Full story for BostonGlobe.com subscribers.