US menswear accessories company Randa has submitted a proposal to buy menswear group Perry Ellis International Inc.
Randa, whose current brand licences include Timberland, Tommy Hilfiger and Levi’s, today announced its non-binding proposal to acquire 100% of the outstanding common shares of Perry Ellis International.
The proposal of $28 (£21.31) per share represents 50¢ (38p) more per share than a previously announced merger agreement between Perry Ellis International and a newly formed entity controlled by its founder and director George Feldenkreis.
Randa’s chief executive Jeffrey Spiegel said: “Our proposal provides shareholders with a superior alternative to the previously agreed insider transaction.
“We are excited by the opportunity to grow our portfolio of brands though the addition of globally recognisable names, such as Perry Ellis.”