Perry Ellis to go private as shareholders vote in favour of founder

Perry Ellis International, Inc. announced that based on the vote tally from the special meeting held on Thursday, the company’s shareholders approved the proposed transaction with founder George Feldenkreis in which Perry Ellis will become a private company through a 437 million dollars transaction.

Under the terms of the Feldenkreis merger agreement, Perry Ellis’ unaffiliated shareholders will receive 27.50 dollars per share in cash upon closing. The company said, 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.

Earlier this year the company had revealed Feldenkreis’ plans to buy back the company, after which, the Perry Ellis also received a counter offer from Randa Accessories. However, the company finally decided to go ahead with the deal offered by Feldenkreis.

Picture:Perry Ellis website