Men's accessories maker Randa Accessories on Monday offered to buy Perry Ellis at $28 per share, 50 cents higher than a competing offer from the apparel brand firm's founder George Feldenkreis.
The offer, which translates to about $444 million in equity, represents a 3 percent premium to Perry Ellis' closing price on Friday.
Perry Ellis' shares, which touched a more than 7-year high of $29, were up nearly 7 percent in early trading on Monday.
Perry Ellis in June, agreed to be taken private for $437 million by Feldenkreis. He and his son Oscar Feldenkreis, the chief executive officer, together are the company's biggest investors.
"We are waiting for a response (from Perry Ellis)," Randa's Chief Marketing Officer David Katz told Reuters.
"We are hopeful that they will appreciate that our offer is 50 cents higher than their current offer and that we are ready able and capable of doing this deal," Katz said.
Randa, which houses licenses for popular brands such as Levi's, Timberland and Tommy Hilfiger, on Monday said the deal would be an all-cash transaction as opposed to Feldenkreis' offer, which would be financed with a combination of debt and equity.
Katz said the company had both an asset based loan from one of the major banks and a term loan commitment to fund the all cash deal.
Perry Ellis was not immediately available for comment.
