MIAMI, Aug. 03, 2018 (GLOBE NEWSWIRE) -- The Special Committee of the Perry Ellis International (NASDAQ:PERY) Board of Directors, which is composed of the independent directors, today confirmed that it has received a revised, non-binding, unsolicited proposal from privately-held Randa Accessories Leather Goods LLC to acquire 100% of the outstanding common stock of Perry Ellis for $28.90 per share in cash.
Consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, the Special Committee of the Perry Ellis Board has determined to commence discussions with, and grant due diligence access to, Randa, in accordance with the terms of the Feldenkreis merger agreement, and will carefully review and evaluate the Proposal and pursue the course of action that it believes is in the best interest of the Company and its shareholders. The Company's shareholders do not need to take any action at this time. There is no assurance that these discussions will lead to any transaction with Randa.
As announced on July 2, 2018, Randa previously submitted a non-binding, unsolicited proposal to acquire all outstanding common stock of Perry Ellis for $28.00 per share in cash. The Special Committee determined, based on the totality of the circumstances considered in comparison to the potential for a slight price improvement, that re-engaging with Randa at the price offered was not in the best interest of shareholders.
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 unaffiliated shareholders will receive $27.50 per share in cash upon closing. Perry Ellis remains subject to the Feldenkreis merger agreement, and the Special Committee continues unanimously to believe that the Feldenkreis merger agreement is in the best interest of all Perry Ellis shareholders.
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.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis®, An Original Penguin® by Munsingwear®, Laundry by Shelli Segal®, Rafaella®, Cubavera®, Ben Hogan®, Savane®, Grand Slam®, John Henry®, Manhattan®, Axist®, Jantzen® and Farah®. The Company enhances its roster of brands by licensing trademarks from third parties, including: Nike® for swimwear, Callaway®, PGA TOUR®, Jack Nicklaus® for golf apparel and Guy Harvey® for performance fishing and resort wear. Additional information on the Company is available at http://www.pery.com.
