Men's accessories company Randa Accessories is preparing a $28-a-share competing bid for Perry Ellis slightly higher than one from the apparel brand firm's founder George Feldenkreis, the Wall Street Journal said on Sunday.
Feldenkreis has a proposed $27.50-a-share buyout of Perry Ellis to take it private.
He and his son Oscar, the chief executive officer, are the company's two biggest investors, according to the newspaper.
Randa has obtained committed financing from large banks and other financiers for its bid and plans to use cash to fund the deal, said the Wall Street Journal on its website, citing the people familiar with the matter.
Feldenkreis' offer values Perry Ellis at about $437 million, while Randa's bid would put it at about $444 million, the paper said.