375
Fashion Jobs
SHISEIDO
FP&A Manager (Korean Only)
Permanent · SEOUL
AESOP
Aesop Hanam Starfield - Retail Consultant
Permanent · HANAM-SI
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
Published
Jul 5, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Perry Ellis special committee rejects Randa proposal

Published
Jul 5, 2018

The special committee of Miami-based apparel group Perry Ellis International, Inc.'s Board of Directors released a statement in response to Randa Accessories' July 1 proposal on Thursday, reaffirming their support for the company's acquisition by founder and ousted executive chairman George Feldenkreis, with whom the company entered into a definitive merger agreement last month.  


The Board's special committee reaffirmed its support of the Feldenkreis transaction - Instagram: @perryellis


In the statement, the special committee, which is made up of the Board's independent directors, concluded that accepting Randa's unsolicited proposal to acquire 100% of Perry Ellis' fully diluted common stock for $28.00 per share was not in the best interests of the company's shareholders, who should instead vote in favor of the Feldenkreis transaction.  

Weighing against Randa's proposal was the fact that the offer was highly conditional and the company could not provide sufficient assurance of its debt financing capacities. 

Furthermore, despite the fact that, according to the Wall Street Journal, the offer valued the company at around $444 million, slightly higher than the $437 million on offer in Feldenkreis' $27.50-per-share proposal, the special committee's statement claimed that "a number of other terms affecting shareholder value or certainty are inferior, including termination fees, additional risks to closing, and the lack of appraisal rights for shareholders." 

Randa's proposal would also imply a delay in closing a deal and included an unprecedented 3% fee that Perry Ellis would have to pay should its shareholders vote against the merger. No such fee applies as part of the proposed Feldenkreis merger. 

Based on these considerations, the special committee unanimously decided that the Randa proposal did not fulfil the requirements outlined as part of the Feldenkreis merger agreement for granting due diligence access or entering into negotiations concerning a competing takeover offer. 

The Board also noted that Randa's proposal was "substantially similar" to a $27.75-per-share proposal previously made by Randa during the special committee's review process.  

The Feldenkreis acquisition is expected to close in the second half of calendar year 2018 and is subject to customary closing conditions including the approval of Perry Ellis' shareholders. 

Copyright © 2024 FashionNetwork.com All rights reserved.