Perry Ellis International has announced that its Board of Directors has authorized a special committee of independent directors to evaluate the February 6, 2018, proposal from George Feldenkreis to acquire all of the outstanding common shares of Perry Ellis not already owned by Feldenkreis.
The founder of Perry Ellis International Inc., Feldenkreis sent a letter to the company’s board earlier this month proposing a deal at $27.50 a share, or about $430 million. No other details were released.
The Special Committee will now evaluate Feldenkreis’ proposal with no assurance that the proposal will result in a definitive offer to purchase the company’s outstanding capital stock or that any other transaction will be approved. The company said it will not move forward with any transaction unless it is approved by the Special Committee.
A Cuban immigrant, Feldenkreis came to Miami in 1961. He founded Supreme International, which later became Perry Ellis, and led the company for 50 years. He stepped down as the chief executive officer in January 2016 when his son, Oscar, took over day-to-day operations.
Then in September 2017, Perry Ellis announced it was eliminating Feldenkreis’ position of executive chairman. He was replaced by J. David Scheiner, former president and chief operating officer of Macy’s Florida/Puerto Rico, in a new role of non-executive chairman.