Perry Ellis Terminates Talks With Randa Accessories - Quick Facts

(RTTNews) - Perry Ellis International (PERY) said that the special committee of its board of directors, which comprises the independent directors, confirmed it has terminated discussions with privately-held Randa Accessories Leather Goods LLC with respect to its revised, non-binding, unsolicited proposal to acquire all the outstanding common stock of Perry Ellis for $28.90 per share in cash.

On August 13, the Special Committee of the Perry Ellis Board received a letter from representatives of Randa, saying it remained highly interested in acquiring the company.

However, the Special Committee, following a thorough review and after discussions with representatives of each of George Feldenkreis and Oscar Feldenkreis, determined that the proposal is no longer reasonably likely to lead to a superior proposal as defined in the Feldenkreis merger agreement.

"Specifically, based on communications received from the Company's key inbound licensor, it became clear that the key inbound licensor precondition to the Proposal is not likely to be satisfied irrespective of any action taken by the Feldenkreises. Nor is Randa prepared to waive this precondition. As such, the Special Committee determined to terminate discussions with Randa regarding its Proposal," Perry Ellis said.

The Special Committee of Perry Ellis board said it continues to believe that the Feldenkreis merger agreement is in the best interest of all Perry Ellis shareholders, and reaffirmed its intention to recommend that all shareholders of the company vote for the Feldenkreis transaction.