US apparel business Perry Ellis International has received a higher takeover bid from privately-held Randa Accessories Leather Goods – a month after declaring the firm's first offer was not in the best interests of Perry Ellis shareholders.

The new offer, which was received on Friday (3 August), sees Randa Accessories propose to acquire 100% of the outstanding common stock of Perry Ellis for $28.90 per share in cash.

This compares to Randa's previous bid to acquire 100% of the fully diluted common stock of the company for $28.00 per share in cash which was rejected by Perry Ellis on the grounds that it was not in the best interests of its shareholders. It came just weeks after the US apparel business approved a US$437m transaction to become a private company through an acquisition led by company founder and former CEO George Feldenkreis.

Now, Perry Ellis says its special committee is to commence discussions with, and grant due diligence access to, Randa, in accordance with the terms of the Feldenkreis merger agreement.

The committee will "carefully review and evaluate" the proposal and pursue the course of action that it believes is in the best interest of the company and its shareholders.

"There is no assurance that these discussions will lead to any transaction with Randa," Perry Ellis added, noting shareholders do not need to take any action at this time.