New York City – – Randa Accessories, the world’s leading men’s accessories company, announced today that it has submitted the following letter to the Special Committee of the Board of Directors of Perry Ellis International, Inc. (NASDAQ: PERY) in response to the Special Committee’s July 5, 2018, press release regarding Randa’s proposal to acquire 100% of the outstanding common shares of Perry Ellis at a price of $28.00 per share. Randa’s proposal was made following the previously announced merger agreement between Perry Ellis and a newly formed entity controlled by its founder and director, George Feldenkreis, and represents $0.50 per share more than the consideration offered in that insider transaction.
In brief:
- We are confident that Perry Ellis’ shareholders understand that $28.00 per share is greater than $27.50 per share.
- We’re disappointed that the Special Committee continues to communicate via public press releases rather than engaging directly with Randa.
- We have previously provided executed financing commitments from world-class financial institutions, which, along with Randa’s demonstrated financial capacity, are together more than sufficient to consummate our proposed transaction.
- The only condition cited in connection with our proposal and our financing is wholly due to the withholding from Randa of access to certain key business contacts who were readily available to George and his CEO-son, Oscar. Once this issue is resolved, we are confident that we can reach a mutually acceptable definitive merger agreement within 24 hours.
- We are confident that a transaction with Randa would be completed prior to consummation of the Insider Transaction.
Randa is regarded as a leading brand management company, considered “best-in-class” by brand owners and licensors. This is clearly illustrated by our decades-long partnerships with Dickies, Levi’s, Columbia Sportswear, Ralph Lauren, Tommy Hilfiger, and other global brands. We anticipate that the Perry Ellis’ inbound and outbound license partners will be eager to join forces with us, as will its global retail and supply partners.