We've already reported on Jones Apparel Group's (NYSE:JNY) efforts to acquire Maxwell Shoe (NASDAQ:MAXS) a few times. The fashion company's interest started with an unsolicited bid in late February, then changed to a hostile takeover bid and a tender offer about one month later. Since then, little has happened that's newsworthy -- but investors in both companies are no doubt still watching closely.

That's because since Jones first extended its offer to buy Maxwell shares directly from its investors, response has been less than enthusiastic. Jones said yesterday afternoon that it's extending its offer until June 21 -- it was set to expire yesterday at 5 p.m. -- but Maxwell was quick to point out in a subsequent release that while this actually marks the second time Jones has extended its offer, its investors have been slow to take it up. Less then 1% of Maxwell's outstanding shares, the company gleefully pointed out, have been tendered thus far.

I say "gleefully" because Maxwell management has been publicly against Jones and its $20 per-share offer since it was first floated. What Maxwell management hasn't done, however, was instruct investors to bid their company's shares above Jones' offer price -- they've done that on their own.

Investors who've done that can't like it when Jones decides to keep extending its offer at the same price. They're no doubt hoping that either Jones will cave in and offer more money for their company, or that a "white knight" will ride in and outbid Jones. But the first hasn't happened. Neither, unsurprisingly, has Jones given any information that it would. And the white knight hasn't shown himself yet -- no doubt leaving some speculators feeling a bit more concerned every day.

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Fool contributor Dave Marino-Nachison doesn't own any of the companies in this article.