(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

QUINCY, MA-Apparel giant Liz Claiborne has put in an $18-per-share, or about $366-million, bid to acquire the 170-store women's chain J. Jill. The board of locally based J. Jill responded by asking its shareholders to take no action until it reviews the offer.

New York City-based Liz Claiborne's target price is more than 40% over J. Jill's $12.79-per-share closing price since the bid was made public. Trading of J. Jill shares topped $18 after the release of the offer.

This is not the first time Liz Claiborne has tried to buy J. Jill. 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.