NEW YORK — Nothing like getting the brush-off.
Jos. A. Bank proposed to acquire its bigger rival Men’s Wearhouse in a $2.3 billion deal that would create a men’s wear juggernaut with close to 2,000 stores.
But the leaders at Men’s Wearhouse rejected the offer about two hours after it was publicly disclosed, calling it ‘‘opportunistic’’ and ‘‘inadequate.’’
It later announced it would adopt a shareholder rights plan, also known as a poison pill, designed to thwart anyone who buys a big chunk of its stock without board approval: 10 percent for a person or group, or 15 percent for a passive institutional investor.
Jos. A. Bank Clothiers disclosed Wednesday that it made the unsolicited proposal in September to buy Men’s Wearhouse for $48 per share in cash, a 42 percent premium at the time. In rejecting the deal, Men’s Wearhouse said it wasn’t in the best interest of its shareholders or the company.
The proposal ‘‘significantly undervalues Men’s Wearhouse and fails to reflect the company’s growth strategy and upside potential,’’ Bill Sechrest, Men’s Wearhouse’s lead director of the board, said.
Sechrest noted that a challenging second quarter led to a 12 percent decline in Men’s Wearhouse’s stock price, which the company believes doesn’t fairly reflect the ‘‘intrinsic’’ value of the shares.
Jos. A. Bank said late Wednesday that it would continue to push for a deal.
Shares of Men’s Wearhouse climbed $9.79, or 28 percent, to $45.03 after rising as high as $45.56 earlier in the day. They had been up 13 percent since the beginning of the year.
Jos. A. Bank’s shares rose $2.67, or 6.4 percent, to $44.33.
Shoppers at both companies have pulled back amid economic uncertainty. Jos. A. Bank’s fiscal second-quarter net income fell 39 percent as shoppers didn’t respond as well to some of the retailer’s marketing campaigns as they did a year ago, while Men’s Wearhouse’s fiscal second-quarter earnings fell 28 percent due to one-time charges and an early Easter that pushed prom tuxedo rentals earlier than usual. The chain also cut its full-year guidance.
‘‘Men’s Wearhouse is the first place you go right out of college to get a suit, ‘‘ said Brian Sozzi, CEO and Chief Equities Strategies at Belus Capital Advisors. ‘‘But Jos. A. Bank’s is where you trade up.’’
In June, Men’s Wearhouse ousted its chairman George Zimmer following a dispute over the direction for the company. Zimmer, who founded the company in 1973, appeared in its TV commercials with the slogan, ‘‘You’re going to like the way you look. I guarantee it.’’