Jonesing Maxwell
New York–based Jones Apparel Group Inc. has offered to buy Boston-based Maxwell Shoe Co. Inc. for about $300 million in stock, equal to $20 per share. Maxwell’s portfolio of footwear brands includes Joan & David, Dockers, Sam & Libby and AK Anne Klein. The AK Anne Klein footwear acquisition would complement Jones’ AK Anne Klein apparel business, said Jones Chief Executive Officer Peter Boneparth. Maxwell targets moderate through bridge price points and earns about $225 million in annual revenues. The proposal was sent to Maxwell Chief Executive Officer Mark J. Cocozza, who has hired legal counsel to evaluate the proposal.
