Two months after the apparel company called off talks with Randa Accessories, endorsing a take-over bid from founder George Feldenkreis, its shareholders approved the proposed transaction with a vote on Thursday.
As the apparel company moves forward with its acquisition by founder George Feldenkreis, Perry Ellis International has reported slipping revenues in the second quarter, dragged down by lost womenswear sales.
Apparel maker Perry Ellis International said on Tuesday it had ended talks to be bought by fashion accessories maker Randa, backing an offer by its second-largest shareholder and founder George Feldenkreis.
Perry Ellis International Inc is moving forward with its buyout deal with founder George Feldenkreis and is one step closer to closing the deal, despite a higher competing offer from Randa Accessories Leather Goods.
Men’s accessories maker Randa on Monday said it remained committed to buying Perry Ellis International Inc even after the apparel maker rejected the company’s higher offer in favor of its founder’s bid.
The special committee of the Miami-based apparel group's Board of Directors has released a statement in response to Randa's proposal, reaffirming their support for the company's acquisition by founder George Feldenkreis.