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By
Reuters
Published
Aug 16, 2018
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Perry Ellis ends deal talks with Randa Accessories

By
Reuters
Published
Aug 16, 2018

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.

Photo: Perry Ellis


Perry Ellis said the decision was made after a major licensor refused to consent to Randa’s acquisition of the company, sending its shares down 5.2 percent to $27.58 in early trading.

Randa had raised its offer by 90 cents to $28.90 per share earlier this month, valuing the company at nearly $460 million. It had, however, set a precondition that it would need to speak with the licensor before formalising any deal.

Randa’s sweetened offer was aimed at scuttling Perry Ellis’ previously agreed upon deal with Feldenkreis and was seen as superior as it was at a 5.1 percent premium to the founder’s bid. Feldenkreis had offered to buy Perry Ellis for $27.50 per share, or $437 million.

“Based on communications received from the company’s key inbound licensor, it became clear that the key inbound licensor precondition to the (Randa) proposal is not likely to be satisfied,” a special committee formed by Perry Ellis to look into the proposals said in a statement on Monday, adding that Randa had also refused to waive the precondition.

The special committee said it continued to recommend Feldenkreis’ proposal to acquire the company.

“While we cannot comment on the potential sale of Perry Ellis International, Randa has clearly demonstrated our desire to invest in further strategic acquisitions as well as our ability to finance sizeable deals,” David Katz, chief marketing officer for Randa said.

“We look forward to remaining active in the M&A market as we leverage our platform to build Randa for the future,” Katz added.

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