MIAMI — July 02, 2018 — The Special Committee of the Perry Ellis International Board of Directors, which is composed of the independent directors, today confirmed receipt of a non-binding, unsolicited proposal from privately-held Randa Accessories Leather Goods LLC to acquire 100-percent of the fully diluted common stock of Perry Ellis for $28.00 per share in cash.
As previously announced on June 16, 2018, Perry Ellis’ Board of Directors, acting on the unanimous recommendation of the Special Committee of independent directors and with the support of independent financial and legal advisors, unanimously approved a $437 million transaction to become a private company through an acquisition led by George Feldenkreis. Under the terms of the Feldenkreis merger agreement, Perry Ellis shareholders will receive $27.50 per share in cash at closing.
The Special Committee of the Perry Ellis Board, in consultation with its independent financial and legal advisors, will carefully review and evaluate Randa’s proposal to determine the course of action that the Special Committee of the Perry Ellis Board believes is in the best interest of the company and all Perry Ellis shareholders.
Perry Ellis remains subject to the Feldenkreis merger agreement. Shareholders need take no action at this time.
PJ SOLOMON is serving as financial advisor to the Special Committee, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Akerman LLP are serving as the Special Committee’s legal counsel, and Innisfree M&A Incorporated is serving as the Company’s proxy solicitor.
Posted July 2, 2018
Source: Perry Ellis International