Apparel brand Guess has received a non-binding takeover offer from WHP Global for $13 per share, which would see the business delisted.

WHP Global, through its affiliate WHP Investments, proposes to acquire the outstanding shares of Guess that are not held by major shareholders Paul Marciano, Maurice Marciano, and Carlos Alberini.

Guess has formed a special committee of independent and disinterested directors to evaluate the proposal with the help of external financial and legal advisors.

The clothing company said it does not intend to comment further on the matter until the evaluation has been completed.

WHP Global will fund the transaction through equity and third-party debt financing, and rollover or reinvestments of Guess’s major shareholders.

Last year, Guess partnered with WHP Global to acquire New York-based fashion company Rag & Bone.