George Feldenkreis, founder and largest shareholder of apparel retailer Perry Ellis International Inc., made a bid to acquire the company for about $430 million, The Wall Street Journal reported Feb. 6, citing people familiar with the matter.
Feldenkreis was ousted as executive chairman on Sept. 20, 2017, but remains a director of the company. He reportedly sent a letter to the board on Feb. 6, proposing to purchase, along with private-equity firm Fortress Investment Group LLC, Perry Ellis' shares for $27.50 apiece.
Feldenkreis holds 1,767,131 shares of the company as of Dec. 4, 2017, representing 11.3% of the company's common stock, according to a regulatory filing.
The sources told the Journal that Feldenkreis has grown frustrated with the board's short-term focus and unwillingness to invest in the business. He reportedly believes that as a private company Perry Ellis would have an easier time improving its marketing, e-commerce and international business.
The company did not immediately reply to requests for comment, the newspaper said.
