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Perry Ellis founder urges board to commit to his takeover bid

Perry Ellis International Inc. founder George Feldenkreis is urging the apparel retailer's board to commit to an expedited timeline in relation to his proposal to take the company private.

Feldenkreis, who owns approximately 10.8% of Perry Ellis, wrote to the board's special committee May 23 and called on them to conclude negotiations and enter into a definitive agreement by May 29.

"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," he wrote. "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."

Feldenkreis is offering to acquire all outstanding common stock of the company that he does not already own at a purchase price of $27.50 per share. He put forward his going-private offer Feb. 6 after being ousted as executive chairman Sept. 20, 2017.

In the letter, Feldenkreis said he will withdraw his offer and pursue all other rights as a shareholder if the committee fails to enter into an agreement with him by May 29.

The founder also called on the company in February to extend the deadline for 2018 director elections.