George Feldenkreis, the founder of Perry Ellis who has made an offer to acquire the company, has sent a letter to the special committee of the board of directors of Perry Ellis, urging the board to immediately commit to an expedited timeline to conclude negotiations and enter into a definitive agreement in respect to his buyout proposal.

He said the offer, backed by full financing, to acquire all of the outstanding common stock of Perry Ellis not already beneficially owned by Feldenkreis, is being made at a price of $27.50 per share. Feldenkreis, who owns 10.8 percent of the company’s stock, also noted that he has nominated four “highly qualified” directors for election to the company’s board of directors at the 2018 annual meeting of shareholders to preserve his rights as a shareholder.

The full text of the letter follows:

May 23, 2018

Perry Ellis International, Inc.
3000 N.W. 107th Avenue
Miami, Florida 33172

Ladies and Gentlemen:

Since announcing my offer to acquire all of the outstanding common stock of Perry Ellis not already beneficially owned by me at a price of $27.50 per share (the “Proposal”) on February 6, 2018, I have negotiated with the Special Committee of the board of directors of Perry Ellis (the “Special Committee”) in good faith. My Proposal offers a high certainty of closing for shareholders with our due diligence complete and financing in place. My advisors and I have quickly and completely responded to the Special Committee’s numerous requests for information and documentation in respect of the Proposal and are prepared to finalize and execute a definitive agreement immediately.

Unfortunately, this courtesy has not been returned by the Special Committee, and we continue to be met with unjustifiable delays in the process to the detriment of all shareholders. As this process has been extended to almost four months, significant time and resources have been expended, which undoubtedly will diminish the value that shareholders will receive.

Perry Ellis shareholders deserve the opportunity to accept an attractive all-cash premium for their shares. 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, I will withdraw my Proposal and pursue all other rights as a shareholder.

I look forward to your prompt response.


George Feldenkreis

Perry Ellis International’s brands include: Perry Ellis, An Original Penguin by Munsingwear, Laundry by Shelli Segal, Rafaella, Cubavera, Ben Hogan, Savane, Grand Slam, John Henry, Manhattan, Axist, Jantzen and Farah. The company also operates some brands through licensing trademarks from third parties, including: Nike and Jag for swimwear; Callaway, PGA TOUR, Jack Nicklaus for golf apparel and Guy Harvey for performance fishing and resort wear.