Katies, Millers and City Chic have attracted interest from a Qatar based investment company.
Parent company Specialty Fashion Group has confirmed it has received a takeover bid from Al Alfia Holdings WLL.
It is understood the offer is valued at 70 cents a share, putting the bid at $135 million.
Specialty Fashion Group has appointed Luminis Partners as financial advisor and Arnold Bloch Leibler as legal advisor.
It has granted Al Alfia Holdings access to its books for due diligence.
However, a number of terms and conditions need to be satisfied in order for the deal to be brokered.
Specialty Fashion Group operates 1066 stores in Australia, New Zealand, USA, South Africa and 29 concessions in Myer department stores.
Brands include Rivers, Katies, Millers, City Chic and One Woman.