Jones Apparel Group Inc. said Friday it agreed to acquire Maxwell Shoe Co. for a sweetened bid of $346 million, resolving a contentious merger battle.
On Wednesday, the companies said they began friendly talks after Jones Apparel raised its bid a second time to $23.25, about 60 cents higher than Maxwell's closing
The offer was about $11 million, or 3.3 percent higher, than a bid made last month.
The transaction is expected to close in early July.
Friday, Maxwell shares rose 24 cents, or 1 percent, to close at $23.22 on the Nasdaq Stock Market.
Jones Apparel shares fell 13 cents, or 0.3 percent, to end at $38.59 on the New York Stock Exchange.
Jones Apparel, based in
Last week, when the offer stood at $22.50 a share,
Maxwell, which had already rejected that offer, responded by again urging its shareholders to vote down the deal and accused Jones Apparel of trying to acquire it at “the lowest possible
Jones Apparel wants to acquire Maxwell's AK Anne Klein shoe business to complement its own AK Anne Klein women's clothing line.