Perry Ellis terminates discussions with Randa Accessories Leather Goods
The special committee of the Perry Ellis board, which comprises the independent directors, confirmed that it has terminated discussions with privately-held Randa Accessories Leather Goods with respect to its revised, non-binding, unsolicited proposal to acquire 100% of the outstanding common stock of Perry Ellis for $28.90 per share in cash. The special committee of the Perry Ellis board received on August 13, the following letter from representatives of Randa: "We are writing in response to the letter received from you on Friday, August 10, 2018, in which you indicated that [Company's largest inbound licensor] is unwilling to consent to Randa's acquisition of Perry Ellis International, Inc. (the "Company"). In response to this letter, we spoke with your financial advisers to express our willingness to further increase our offer price, if George and Oscar Feldenkreis would support our transaction and assist the Company in obtaining the requisite [Company's largest inbound licensor] consent. Based on discussions your financial advisers have had since with George's representatives, we understand that the Feldenkreises have no interest in pursuing our superior proposal. We remain highly interested in acquiring the Company. If Oscar, as CEO of the Company and chief steward of delivering shareholder value, is prepared to support our transaction, including in respect of further discussions with [Company's largest inbound licensor], we would be prepared to increase our offer price, currently $1.40 per share higher than the Feldenkreis offer. Failing this support, we see no viable path to a transaction between Randa and the Company."