Jos. A. Bank Says It May Raise Bid for Men’s Wearhouse

Jos. A. Bank said on Thursday that it was willing to raise its takeover bid for Men’s Wearhouse, but only if its target was willing to begin merger talks.

But if Men’s Wearhouse does not respond by Nov. 14, Jos. A. Bank said, it will withdraw its bid, which stands at $2.3 billion.

The move is an attempt to bring a brewing takeover fight to a head. Jos. A. Bank first bid for its larger rival last month, hoping to unite two of the country’s biggest sellers of men’s suits.

In a letter to the chief executive of Men’s Wearhouse, the chairman of Jos. A. Bank, Bob Wildrick, wrote that his company’s offer of $48 a share already offered a high premium, but it could consider paying even more.

But such a move would be contingent on Men’s Wearhouse beginning substantive talks over a deal, something that it has declined to do over the last several months. Earlier this week, Men’s Wearhouse published a presentation defending its stance, arguing again that the takeover bid is “highly opportunistic” and adding that it expects to increase its sales by up to $550 million by 2016.

Without the ability to take a closer look at Men’s Wearhouse’s financials, Mr. Wildrick said in an interview, Jos. A. Bank would be hard pressed to raise what he described as an already richly valued offer. And with the target refusing to talk, Jos. A. Bank must eventually move on.

“We are willing to sit down with them,” he said. “But we can’t allow this process to go on in perpetuity.”

Mr. Wildrick persisted in criticizing the Men’s Wearhouse board and its stonewall defense, arguing that several large shareholders have approached him and supported Jos. A. Bank’s approach.

“Why would a company refuse to even talk to someone willing to make a serious offer?” he asked. “Are they looking out for shareholders, or are they looking out for themselves?”