The battle between Jones Apparel of New York and Maxwell Shoe Co. of Boston seems to be drawing to a close.

At a shareholders meeting on April 8 in Boston, Maxwell’s chairman and CEO, Mark Cocozza, continued to urge shareholders to reject Jones’s offer of $297 million to buy out the company. Cocozza said the $20 per share offer was too low and that it should be $22.50 per share.

He said: “I urge you to protect the value of your investment (in Maxwell) and reject this inadequate offer (from Jones).” He explained that Maxwell was in good shape financially and even raised sales projections from $250 million in fiscal 2004 to $255 million, about $1.18 or $1.22 per share dividend. The company also has $96 million in cash which will allow it to pursue future growth, he added.

Jones’s offer of $20 per share will expire on April 19. At that time Jones can renew its offer at its original price or make an offer higher to meet the statements of Maxwell.

The original offer for Maxwell was made by Jones because Maxwell has the license to produce AK Anne Klein footwear, which it acquired in 1999. Jones owns the clothing brand and licensed footwear production to Maxwell. By acquiring Maxwell, Jones would have full control over the Anne Klein name and eliminate licensing royalties.      

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