Perry Ellis Details Talks With Feldenkreis, RandaPerry Ellis is moving forward on the $437 million takeover bid from founder George Feldenkreis.

[Collection]Randa Accessories plans to push on in its bid for Perry Ellis, but a regulatory filing indicates that the apparel firm’s Special Committee might already be done listening. Perry Ellis International Inc. on Wednesday revealed the terms of its buyout deal with founder George Feldenkreis in a Securities and Exchange Commission filing. And contrary to Randa’s claim that the Special Committee isn’t doing its job because it refuses to open a dialogue with them about their new offer, a separate filing containing a preliminary proxy statement from Perry Ellis indicates that the company and its advisers have done a number of back-and-forth talks between April 5 — when Randa first expressed interest — and Monday in connection with the accessories firm’s most recent letter. Further, the filing sets forth the number of times that the Special Committee and its advisers have met to analyze the sufficiency of Randa’s offers and other documentation each time it has done a reachout. The filing indicates that Randa on May 21 submitted a bid package that was later deemed “materially insufficient in both amount and certainty.” Two days later, lawyers for Randa and Perry Ellis had a call regarding the insufficiencies in the draft debt commitments,

Follow WWD on Twitter or become a fan on Facebook.

Read More...https://wwd.com/business-news/mergers-acquisitions/perry-ellis-international-details-talks-with-george-feldenkreis-randa-1202756171/