- Kristopher Fraser |
Perry Ellis International announced today that accessories maker Randa has proposed an unsolicited 458.6 million dollar buyout offer. Their 28 dollars and 90 cents per share offer comes a month after their original 28 dollar a share proposal. In June, Perry Ellis accepted an offer of 27 dollars and 50 cents a share from George Feldenkreis, the second largest shareholder of the company. Randa is currently seeking to upstage that offer.
A special committee that was formed by Perry Ellis to handle the transaction said that it would hear Randa's offer and grant it due diligence access. However, they also stressed that they continue to back the originally accepted Feldenkreis agreement and that talks would not necessarily lead to a transaction with Randa.
According to Business of Fashion, "Perry Ellis had rejected Randa's previous offer, saying the proposal was "highly conditional, nonbinding and insufficient in terms of value and certainty of the provided debt financing commitments, as well as the lack of evidence of sufficient cash equity on hand."
As of premarket on Friday, Perry Ellis was trading at 29 dollars a share.
photo: courtesy of M Booth