New York City, Apparel designer and retailer Liz Claiborne announced today that it has made an unsolicited offer to purchase J. Jill Group for approximately $366 million. The offer is Claiborne’s second attempt at acquiring J. Jill.
J. Jill quickly responded with a request to its shareholders to take no action, saying that the company’s board of directors will meet in due course to review and discuss the offer.
According to Liz Claiborne, the offer would not only give shareholders a hefty premium, but would allow rejuvenation of “J. Jill’s well-regarded but underperforming brand,” according to a letter to J. Jill’s board from Liz Claiborne CEO Paul Charron.
Claiborne’s first offer to acquire J. Jill last March was rebuffed.