US apparel business Perry Ellis International has ended takeover discussions with privately-held Randa Accessories Leather Goods, deeming an acquisition led by company founder and former CEO George Feldenkreis is the better option. 

The news comes after a busy couple of months for Perry Ellis which have seen the firm enter into a US$437m transaction to become a private company through an acquisition led by Feldenkreis, and receive two unexpected takeover bids from privately-held Randa Accessories Leather Goods.

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The Special Committee of Perry Ellis International rejected an unsolicited proposal from Randa at the beginning of July, and a second proposal was submitted on 3 August, with Randa raising its offer from $28.00 to $28.90 per share. 

In an announcement today (14 August), Perry Ellis said its special committee has ended talks with Randa regarding its latest offer, adding the Feldenkreis merger agreement is in the best interest of all Perry Ellis shareholders.

The decision comes despite a letter received by the Perry Ellis board yesterday, in which Randa CEO Jeffrey Spiegelaid said the firm was willing to increase its offer price if George and Oscar Feldenkreis would support the transaction.

“We remain highly interested in acquiring the company,” Spiegelaid said. “If Oscar, as CEO of the company and chief steward of delivering shareholder value, is prepared to support our transaction, including in respect of further discussions with [company’s largest inbound licensor], we would be prepared to increase our offer price, currently $1.40 per share higher than the Feldenkreis offer. Failing this support, we see no viable path to a transaction between Randa and the company.”

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