Footwear group Maxwell Shoe Co Inc has advised its shareholders to take no action on a $300 million takeover offer from Jones Apparel Group Inc.

The Massachusetts-based company said on Wednesday its board would meet with a financial adviser and legal counsel "in due course" to discuss the proposal.

It will then advise shareholders of its decision on the $20 a share bid, which represented an 8.7 per cent premium to Maxwell's closing price of $18.40 a share on Tuesday.