Jos. A. Bank rejects Men’s Wearhouse acquisition bid

Jos. A. Bank said Monday it has rejected Men’s Wearhouse’s acquisition bid.

Jos. A. Bank said its Board of Directors unanimously voted to reject the offer for $55 a share, made on Nov. 26, because the price “significantly undervalued” the company.

The rejection is the latest in a string of back-and-forth action between the two men’s clothing retailers.

Jos. A. Bank initially offered to buy Men’s Wearhouse in early October. That bid was rejected.

Shares of Men’s Wearhouse fell 1.6 percent in premarket trade and shares of Jos. A. Bank were down 1.5 percent.

This article originally appeared on Marketwatch.com.