February 7, 2018 / 11:37 AM / 15 days ago

BRIEF-Ousted Perry Ellis Chairman George Feldenkreis Offers To Buy Co for $430 million‍​

Feb 7 (Reuters) - George Feldenkreis:

* ON FEB 6, MADE PROPOSAL TO PERRY ELLIS INTERNATIONAL TO ACQUIRE ALL SHARES NOT OWNED BY FELDENKREIS FOR $27.50/SHARE IN CASH‍​

* REPORTS A 11.3 PCT STAKE IN PERRY ELLIS INTERNATIONAL INC AS OF FEB 6 - SEC FILING

* MADE PROPOSAL TO PERRY ELLIS INTERNATIONAL WITH FINANCIAL BACKING OF FORTRESS INVESTMENT GROUP

* BELIEVE PERRY ELLIS INTERNATIONAL, LICENSEES, EMPLOYEES WOULD “BENEFIT GREATLY IN THE LONG RUN FROM PRIVATE OWNERSHIP OF PERY”

* AFTER “CAREFUL” CONSIDERATION, BELIEVES MOST FAVORABLE ALTERNATIVE FOR ALL PERRY ELLIS STAKEHOLDERS IS A “GOING PRIVATE” TRANSACTION

* FORTRESS IS PREPARED TO COMMIT “SUBSTANTIAL” CAPITAL RESOURCES TO PERRY ELLIS INTERNATIONAL, TO HELP FUND FUTURE ACQUISITIONS

* FORTRESS CAN COMMIT 100 PERCENT OF CASH EQUITY REQUIRED TO CONSUMMATE PERRY ELLIS INTERNATIONAL TRANSACTION

* EXPECTS TO FINANCE DEAL TO ACQUIRE ALL SHARES NOT OWNED BY HIM OF PERRY ELLIS INTERNATIONAL WITH A COMBINATION OF DEBT & EQUITY

* FORTRESS HAS RECEIVED REQUISITE INTERNAL APPROVALS TO SUBMIT PERRY ELLIS PROPOSAL

* “MY SON OSCAR OWNS AN ADDITIONAL 7.9% OF THE OUTSTANDING COMMON STOCK” OF PERRY ELLIS INTERNATIONAL

* AS PART OF A TRANSACTION,WOULD ANTICIPATE DISCUSSING WITH OSCAR IF HE WOULD CONTRIBUTE EXISTING EQUITY OWNERSHIP OF PERRY ELLIS Source text - (bit.ly/2nImHeW) Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below