Perry Ellis' Special Committee Says No Decision Taken On Feldenkreis Proposal

(RTTNews) - Responding to George Feldenkreis' letter to the Perry Ellis Board of Directors on May 23, 2018, The Special Committee of the Perry Ellis International (PERY) said Thursday that no decision has been made with respect to the Company's response to the Feldenkreis Proposal. There is no assurance the Feldenkreis Proposal will result in a definitive offer to purchase the Company's outstanding capital stock or that any definitive agreement will be executed or that the Proposal or any other transaction will be approved or consummated.

As part of its strategic review process, the Special Committee said it continues to engage in good faith with George Feldenkreis to see if a transaction that maximizes shareholder value can be achieved. The Special Committee is disappointed that rather than moving forward with constructive negotiations, Feldenkreis continues to mischaracterize the status of negotiations.

The Special Committee said it stands prepared and ready to enter into a definitive agreement on customary and appropriate terms.

On Wednesday, George Feldenkreis, the largest shareholder of Perry Ellis International, Inc. with approximately 10.8% of the Company's outstanding common stock, sent a letter to the special committee of the board of directors of Perry Ellis urging it to immediately commit to an expedited timeline to conclude negotiations and enter into a definitive agreement in respect of Mr. Feldenkreis' previously announced formal proposal to acquire all of the outstanding common stock of Perry Ellis not already beneficially owned by Mr. Feldenkreis at a price of $27.50 per share. Feldenkreis has nominated four directors for election to the Company's board of directors at the 2018 annual meeting of shareholders to preserve his rights as a shareholder.

George Feldenkreis urged that the Special Committee must commit to an expedited timeline that would see the conclusion of negotiations and the entry into a definitive agreement by May 29, 2018. If the Special Committee cannot commit to that time frame, hewill withdraw my Proposal and pursue all other rights as a shareholder.