- Prachi Singh |
Perry Ellis International, Inc. has completed its acquisition by an entity controlled by the company’s founder George Feldenkreis in which Perry Ellis has become a private company through a 437 million dollars transaction.
“Today, Perry Ellis enters an exciting new chapter as a private enterprise,” said George Feldenkreis in a statement, adding, “I want to thank all of our associates at Perry Ellis for their support and hard work to accomplish this transaction.”
As announced by the company earlier, under the terms of the Feldenkreis merger agreement, Perry Ellis’ unaffiliated shareholders will receive 27.50 dollars per share in cash. The company added that shares of Perry Ellis ceased trading on the Nasdaq Global Select Market prior to the open of trading on October 22, 2018 and will no longer be listed on an exchange or quotation system.
"I am pleased that our public shareholders supported this transaction at an attractive valuation. Moving forward as a private company, with the financial backing of funds managed by affiliates of Fortress Investment Group, Perry Ellis will have greater flexibility to execute on our long-term strategy of owning and operating brands,” added Oscar Feldenkreis, who will continue to lead the company as CEO.