Perry Ellis shareholders have voted in favour of an acquisition of the group led by company founder and former CEO George Feldenkreis, which will see the business taken private in a US$437m transaction.
During a ‘Special Meeting’ yesterday (18 October), 75% of outstanding shares not owned by affiliates voted in favour of the transaction.
Under the terms of the agreement, Perry Ellis shareholders will receive $27.50 per share in cash upon closing.
The purchase price represents a premium of about 21.6% to Perry Ellis’ unaffected closing stock price on 5 February 2018, the last trading day prior to George Feldenkreis announcing his proposal to take the company private.
Perry Ellis said it expects to announce consummation of the merger within the coming days, with the final vote count due to be certified by the independent Inspector of Elections, First Coast Results, Inc, and filed with the Securities and Exchange Commission on a Form 8-K as soon as practicable.
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The vote comes after the company’s board urged shareholders to vote in favour of the acquisition last month after a busy period for the firm which saw it receive two unexpected takeover bids from privately-held Randa Accessories Leather Goods.
