Shareholders of American menswear brand Perry Ellis have voted in favor of an acquisition of the group led by company founder and former CEO George Feldenkreis, which will see the business taken private in a $437 million deal.
During a special meeting on Thursday, 75 percent of outstanding shares not owned by affiliates voted in favor of the transaction.
The purchase price represents a premium of approximately 21.6 percent to Perry Ellis’ unaffected closing stock price on February 5, 2018, the last trading day prior to George Feldenkreis announcing his proposal to take the company private.
The company expects to announce consummation of the merger within the coming days.
The vote comes after the company’s board urged shareholders to vote in favor of the acquisition last month after a busy period for the firm which saw it receive two unexpected takeover bids from privately-held Randa Accessories.