Morning Movers: The Men's Wearhouse Inc. (MW) Rejects Jos. A. Bank Clothiers Inc. (JOSB) $2.3 Billion Takeover Bid [VIDEO]

 @JessicaMentonj.menton@ibtimes.com
on October 10 2013 11:55 AM

U.S. stocks jumped on Thursday, as the Dow soared over 200 points, as investors weighed progress on the government shutdown.

In company news, The Men's Wearhouse, Inc. (NYSE: MW) rejected a $2.3 billion cash takeover offer from Jos. A. Bank Clothiers Inc. (NASDAQ: JOSB), adding the bid undervalued the company and was not in the best interest of investors. In addition, the clothing retailer adopted a so-called "poison pill" shareholder rights plan and will grant shareholders the right to buy more common stock at a discounted price if any person or group acquires more than 10 percent.

On Thursday, shares of Men's Wearhouse fell 1.82 to $44.21 in morning trading, while Jos. A. Bank Clothiers rose 1.74 percent to $45.10 per share.

The Dow Jones industrial average soared 206.61 points, or 1.4 percent, at 15,009.59. The S&P 500 Index rose 24.65 points, or 1.49 percent, at 1,681.07. The Nasdaq Composite Index was up 64.23 points, or 1.75 percent, at 3,742.02.

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