Jos. A. Bank Clothiers Inc (NASDAQ:JOS) has finally dropped its $2.3 billion unsolicited offer to acquire The Men’s Wearhouse, Inc. (NYSE:MW). The Hampstead, Maryland-based company said Friday that it would consider bidding again if The Men’s Wearhouse, Inc. (NYSE:MW) changes its mind at any point or expresses interest in a potential deal. Jos. A. Bank Clothiers Inc (NASDAQ:JOS) had set a deadline of November 14 for the Men’s Wearhouse board to engage in negotiations. But The Men’s Wearhouse didn’t engage in discussions about the offer, prompting termination of the proposal, reports Associated Press

Men's Wearhouse

Jos. A. Bank was ready to raise the offer

In September, Jos. A. Bank Clothiers Inc (NASDAQ:JOS) offered to acquire its larger rival for $48 a share or $2.3 billion. That offer was rejected on October 9. The Men’s Wearhouse, Inc. (NYSE:MW) said its smaller rival’s proposal was “inadequate” and “opportunistic.” The Houston-based company said the offer significantly undervalued its assets. In contrast, Jos. A. Bank Clothiers Inc (NASDAQ:JOS) believes the deal is still in the best interest of shareholders of both companies.

Jos. A. Bank Clothiers Inc (NASDAQ:JOS) had also offered to raise its bid if that was justified. But its competitor refused to provide access to nonpublic information. The Men’s Wearhouse, Inc. (NYSE:MW) ousted its founder George Zimmer in June. The company also issued a poison pill to avoid a hostile takeover. The Men’s Wearhouse, Inc. (NYSE:MW) sells men’s suits and sportswear through Moores, K&G and its namesake stores. Jos. A. Bank Clothiers Inc (NASDAQ:JOS) has more than 600 stores in the U.S. It specializes in men’s tailored clothing, sportswear and footwear. The company is popular for its lucrative promotions like “Buy 1 Get 2 Free.”

Men’s Wearhouse shareholders disappointed

Eminence Capital LLC, a hedge fund that owns a 9.8% stake in The Men’s Wearhouse, Inc. (NYSE:MW), wanted the clothing company to explore its options. The hedge fund said it was disappointed by The Men’s Wearhouse’s decision not to engage in negotiations.

Jos. A. Bank Clothiers Inc (NASDAQ:JOS) shares tumbled 1.03% to $49.79, while The Men’s Wearhouse, Inc. (NYSE:MW) shares tanked 0.74% to $45.78 at 9:33 AM EST.