Sources said the Randa proposal – a non-binding offer – wasn’t “sufficient” enough to warrant ending its agreement with the company’s founder.
Randa’s nonbinding offer is 50 cents a share more than the one accepted by Perry Ellis from former chairman and founder George Feldenkreis.
MTailor, which started in men’s clothing, is testing women’s apparel.
The Committee said no decision has been made yet.
The former chairman said he would withdraw offer if Special Committee can’t commit to a May 29 time frame.
The company created a cinematic campaign filmed by Nabil Elderkin.