NALYSIS_ In an unexpected movement, Men's Wearhouse Inc (MW.N) has just said it is open to sweetening its buyout offer for Jos. A. Bank Clothiers Inc (JOSB.O). The now suitor has outlined new conditions to appeal to its rival management and called on independent directors of Jos. A. Bank Clothiers Inc to reconsider its bid.

 "We are writing to you, the independent directors of Jos. A. Bank Clothiers, Inc. ("JOSB"

or the "Company"), regarding our all-cash 57.50 dollars per share offer to acquire the Company. As we have made clear, our strong preference is to work collaboratively with the JOSB Board and management to realise the benefits of this combination. Our offer would provide your shareholders with a substantial premium and immediate and certain value," reads the letter, dated on January, 30. the wake of the news, Jos. A. Bank shares were up marginally in early tradingThursday after rising as much as 3 percent before the bell.

Barely days before the new turn for the complex hate-love relationship between the two US-based menswear giants, had Men's Wearhouse declared a quarterly dividend for investors of record on Tuesday, March 18th, who will be given a dividend of 0.18 dollars per share on Friday, March 28th. This represents a 0.72 dollars dividend on an annualised basis and a yield of 1.52 percent.
 

Men´s Wearhouse to lure independent directors at Jos A. Bank

"Our offer represents a 52 percent premium over JOSB's unaffected enterprise value and a 38 percent premium over the closing share price on October 8, 2013, the day prior to the Company's public announcement of its proposal to acquire Men's Wearhouse."
 

"Further, the transaction represents a 9.4x enterprise value to last twelve months ("LTM") Adjusted EBITDA multiple (assuming 135 million dollars of LTM Adjusted EBITDA as of November 2, 2013), which is a significant premium to Jos. A. Bank's proposal to acquire Men's Wearhouse, in excess of Jos. A. Bank's historical average trading multiple and near the upper end of recent precedent apparel retail transactions. Moreover, we are prepared to increase our offer price if you can demonstrate or we can discover additional value through discussions or limited due diligence."
 

Jos. A. Bank Clothiers Inc. (JOSB), which is resisting a takeover by Men's Wearhouse Inc., would have allegedly told by five of its largest shareholders to start talking to its rival about a sale, as per sources quoted by Bloomberg.
 

Firms including P. Schoenfeld Asset Management LP and Beacon Light Capital LLC would have urged Jos. A. Bank to engage Men's Wearhouse and discuss its 1.61 billion dollars hostile bid anonymous sources close to the matter have pointed out. The five investors own about 17 percent of Jos. A. Bank, according to the people and data compiled by Bloomberg.