So far,the board of locally based J. Jill responded by asking its shareholders to take no action until it reviews the offer.

This is not the first time New York City-based Liz Claiborne has made such a bid. In March, the company offered $17 per share and was "flatly rejected," according to a letter to J. Jill's board from Paul R. Charron, chairman and chief executive officer of Liz Claiborne. "Beyond providing J. Jill shareholders immediate liquidity at a significant premium, this strategic combination would enable us to rejuvenate J. Jill's well-regarded but underperforming brand," says Charron's letter.

Elizabeth Montgomery, an SG Cowen analyst agreed that an acquisition by Liz Claiborne could help turn around J. Jill. "With a focus on anarrower customer base and greater leverage in design and manufacturing, we think improvements in profitability could be achieved," she wrote in a research report note.