The group behind Review, Metalicus and Yarra Trail has been hit with an $86 million takeover offer.
US head fund Coliseum Capital Management, which already owns 19.23% of PAS Group, is offering 63 cents a share in its bid.
PAS Group has advised its shareholders to take no action to the offer until its board makes a formal recommendation.
Coliseum said the Group had seasoned management, a talented employee base and brands which filled an underserved niche in the Australian market.
PAS Group owns and operates Review, Metalicus, Yarra Trail, Black Pepper, White Runway, Marco Polo and Breakaway.
It also owns DesignWorks, which creates licensed and private apparel for the likes of Myer, Target, Kmart and Big W.