Perry Ellis International Inc said the compay had received a revised buyout offer of $28.90 per share from Randa Accessories Leather Goods.

Randa Accessories offered $28 per share in July, a month after the company agreed to sell to George Feldenkrei, the company’s founder, for $27.50 per share, or $437 million.

A special committee formed by Perry Ellis to evaluate the proposals said it would look into the offer, open talks with Randa and grant it due diligence access. The committee, however, said there was no assurance that these discussions would lead to any transaction with Randa, adding that it continues to back Feldenkreis’ merger agreement.

Perry Ellis had rejected Randa’s previous offer. In Friday’s statement Perry Ellis “determined, based on the totality of the circumstances considered in comparison to the potential for a slight price improvement, that re-engaging with Randa at the price offered was not in the best interest of shareholders.”

The committee had previously described Randa’s offer as “highly conditional, non-binding and insufficient in terms of value and certainty of the provided debt financing commitments, as well as the lack of evidence of sufficient cash equity on hand.”

The latest offer comes after Randa repeatedly urged Perry Ellis shareholders to pick its proposal over Feldenkreis’ lower bid.

Perry Ellis International’s brands include: Perry Ellis, An Original Penguin by Munsingwear, Laundry by Shelli Segal, Rafaella, Cubavera, Ben Hogan, Savane, Grand Slam, John Henry, Manhattan, Axist, Jantzen and Farah. The company also operates some brands through licensing trademarks from third parties, including: Nike and Jag for swimwear; Callaway, PGA Tour, Jack Nicklaus for golf apparel and Guy Harvey for performance fishing and resort wear.