Perry Ellis International announced that its board of directors has extended the window in which the company must receive proper written notice of the nomination of a director candidate in connection with its 2018 annual meeting of shareholders to 5:00 p.m. (Eastern time) on April 12, 2018. The date and location of the 2018 annual meeting of shareholders of the company has yet to be announced.
The Special Committee of the Board is committed to enhancing value for all Perry Ellis shareholders and, with the assistance of independent financial and legal advisors, is continuing to evaluate the previously-announced February 6, 2018 proposal from George Feldenkreis to acquire all of the outstanding common shares of Perry Ellis not already beneficially owned by Feldenkreis (the “Proposal”). No decision has been made with respect to the company’s response to the Proposal. There is no assurance the Proposal will result in a definitive offer to purchase the company’s outstanding capital stock or that any definitive agreement will be executed or that the Proposal or any other transaction will be approved or consummated. The company will not move forward with any transaction unless it is approved by the Special Committee.
The aforementioned extension of the deadline for nomination of directors in connection with the 2018 annual meeting of shareholders of the company is being provided in connection with certain of the so-called “standstill” obligations contained in the non-disclosure agreements negotiated with proponents of the Proposal.
The company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by applicable law.
The Special Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP and Akerman LLP as its legal counsel and PJ Solomon as its financial advisor to assist in its review.
Perry Ellis International Inc., through its wholly-owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: 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 enhances its roster of brands by licensing trademarks from third parties, including: Nike and Jag for swimwear, and Callaway, PGA Tour, Jack Nicklaus for golf apparel and Guy Harvey for performance fishing and resort wear.