Sector Update: Consumer Shares Mixed; Jos. A. Banks Down on Bid Rejection

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Consumer shares were mixed in pre-bell trading Monday.

In consumer sector news, shares in Jos. A. Banks Clothiers ( JOSB ) were down almost 4% pre-market after the company sent a letter to The Men's Wearhouse ( MW ) rejecting a $57.50 takeover bid, saying it sees no benefit in beginning negotiations with its rival as the offer substantially undervalues the company.

According to a report from Bloomberg News this morning, Jos. A. Banks is instead looking at acquisitions of its own and has been in talks with Eddie Bauer. The two parties have held preliminary talks, the news agency said, citing unnamed sources.

And, Roundy's ( RNDY ) said it has made a filing with the SEC relating to a proposed public sale of more than 8.8 million shares, of which 5.9 million will be sold by certain selling shareholders. The remaining shares will be sold by the company. Underwriters will have a 30-day option to buy another 1.33 million shares.

The operator of the retail grocery stores and pharmacies plans to use the net proceeds for general corporate purposes, including costs to build out the Chicago stores acquired from Safeway.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: JOSB , MW , RNDY

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