PAS Group’s largest shareholder has made a takeover bid that values the women’s apparel firm at $69.7 million.

US-based Coliseum Capital Management already owns 39 per cent of PAS – which owns brands including Black Pepper, Yarra Trail and JETS – and has made an unconditional bid of 51 cents per share through a newly created subsidiary for the remainder.

PAS shares were initially offered at $1.15 each in June 2014 but have never since reached those heights.

PAS in February reported a 3.7 per cent fall in half-year profit to $4.8 million for the six months to December 31, although like-for-like sales rose 4.6 per cent on the prior corresponding period to $135.7 million.

The company said at the time it was debt-free despite challenging retail conditions.

“Based on Coliseum’s extensive research and its discussions with leadership at PAS, the bidder believes that PAS is well positioned with seasoned management and a talented employee base to continue to drive profitable growth,” Coliseum said in a statement.

“PAS’s ownership of a collection of storied Australian brands and ability to fill an underserved niche in the Australian market has the potential to continue creating meaningful value.”

PAS shares rose 2.0 cents on Friday to 51 cents.

The fashion group’s board of directors had previously knocked back a bid by Coliseum, arguing it undervalued the company.

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