George Feldenkreis, founder and former owner and chairman of Perry Ellis International Inc., reiterated his going-private offer and asked the company to extend the deadline for 2018 director elections by 30 days to facilitate ongoing acquisition discussions.
Feldenkreis, who beneficially owns 11.3% in the apparel retailer, will nominate a slate of directors for election at the annual meeting if the deadline is not extended, according to an amended Schedule 13D filed March 12.
The proposal to purchase shares, with backing from Fortress Credit Advisors LLC, an affiliate of SoftBank Group Corp.'s Fortress Investment Group LLC, at $27.50 apiece was made on Feb 6. The transaction will be financed with a combination of debt and equity.
In his offer letter, Feldenkreis expressed his concerns over the company's short-term objectives which will affect shareholder value. "The current board lacks motivation to build a long-term value creation strategy," he said.
For Feldenkreis, Scope Advisors LLC will act as financial advisers and Olshan Frome Wolosky LLP and Stearns Weaver Miller Weissler Alhadeff & Sitterson will serve as legal counsel.
Fortress has engaged Kirkland & Ellis LLP as its legal counsel.
