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Published
Jul 12, 2018
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Perry Ellis buyout underway  

Published
Jul 12, 2018

Perry Ellis International Inc is moving forward with its buyout deal with founder George Feldenkreis and is one step closer to closing the deal, despite a higher competing offer from Randa Accessories Leather Goods. 

Perry Ellis buyout underway.

 
In a filing on Wednesday, the company said it had been granted early termination of the waiting period under the HSR Act, which satisfies one of the conditions to the closing of the pending transaction. 
 
Still, the terms of the buyout deal remain subject to other customary closing conditions, including approval by Perry Ellis shareholders that are not connected to Feldenkreis.

The merger agreement will operate under a newly formed entity controlled by George Feldenkreis, Perry Ellis’ founder and member of the Company’s Board of Directors, who will acquire all of the outstanding common shares of Perry Ellis not already beneficially owned by the Feldenkreis family.
 
The transaction is valued at approximately $437 million, at $27.50 a share.

Meanwhile, Randa Accessories last week offered to buy Perry Ellis for $28 per share, 50 cents higher than the offer from Perry Ellis founder George Feldenkreis. 
 
The purchase price represents a premium of approximately 21.6 percent to Perry Ellis’ unaffected closing stock price on February 5, 2018.

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