Perry Ellis extends Director nomination deadline, continues to evaluate founder’s purchase bid

By

Robin Driver

Published
Apr 28, 2018

Miami-based apparel group Perry Ellis International, Inc. announced on Wednesday that it has extended the deadline for the nomination of Directors for 2018’s annual shareholder meeting, while the company’s Special Committee considers founder and former executive chairman George Feldenkreis’ purchase bid.

 
According to an official release from the company, the extension has been provided “in connection with certain of the so-called “standstill” obligations contained in the non-disclosure agreements negotiated with proponents of the Proposal” made by Feldenkreis to acquire all of the company’s outstanding common shares which he does not already own.
 
Feldenkreis first made his proposal on February 6, 2018, six months after being ousted as chairman, reaffirming the offer on April 9 and again on April 26.

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No decision has yet been made concerning the proposal and the company’s Special Committee continues to review the offer, advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Akerman LLP in legal matters, and relying on PJ Solomon as its financial advisor.

The company further assured in its release that it “will not move forward with any transaction unless it is approved by the Special Committee.”
 
George Feldenkreis served as Perry Ellis International’s chairman and chief executive officer from 1993 to 2015 when the two roles were separated. He subsequently became executive chairman while son Oscar Feldenkreis took on the role of president and CEO in April 2016.

The role of executive chairman was eliminated in September of last year, although George Feldenkreis continued to sit on the Board.
 
The deadline for the nomination of candidates for the Board of Directors has been extended to 5:00 p.m. (Eastern time) on May 18, 2018. The company’s 2018 annual shareholder meeting’s date and location have not yet been announced.