Business

Men’s Wearhouse, Jos. A. Bank have non-disclosure pact

Men’s Wearhouse received a draft merger agreement from Jos. A. Bank and the two companies entered into a non-disclosure pact on Saturday, agreeing to exchange confidential information as they explore a potential combination.

Jos. A. Bank last week rejected Men’s Wearhouse’s latest $1.8 billion hostile bid for its rival men’s clothing retailer, but said it would be willing to meet with Men’s and provide the company with a limited examination of its books, known as “due diligence,” in an effort to learn how much more it might be willing to pay.

The offer allowed for the first negotiations between the two companies, which have been exchanging bids for one another over several months.

Men’s had said when it made last week’s offer that it might be willing to increase its bid to $65 a share, up from $63.50, if it gained access to Jos. A. Bank’s books. Its $63.50-per-share offer is set to expire on March 12, but can be extended.

This article originally appeared on MarketWatch.com.