Korean footwear group E-Land has plans to acquire Collective Brands, Blommberg reported.

US-based Collective Brands, which owns the Payless ShoeSource chain of footwear stores, as well as shoe brands Saucony and Sperry Top-Sider, has began looking for a buyer sincelast summer, Bloomberg said after reporting a loss.

The business news source said at the same time that the prices it has heard quoted of between $20 and $22 per share would be cheap, around 60% of the value it believes Collective Brands has. E-Land has not yet offered a price, according to Bloomberg.