Four days after the special committee of the Perry Ellis International Inc. board reaffirmed its support for George Feldenkreis’ offer to take the company private, Randa Accessories laid out why it believes shareholders should line up behind its offer, which is slightly higher: $ 28 a share, as compared with Feldenkreis’ $ 27.50 a share.
In a letter sent to the special committee this morning, Jeffrey Spiegel, Randa’s chief executive officer, wrote: “We were disappointed to read of your decision not to engage with us regarding our compelling proposal that would provide superior value to your shareholders than your existing merger agreement with George Feldenkreis (the insider transaction).”
Spiegel said the deal with Feldenkreis “expressly permits the special committee to engage in discussions to clarify the terms of any unsolicited proposal it receives and, further, to engage in negotiations with regards to such a proposal that is reasonably expected to lead to a superior proposal.”
Yet the committee has “not once directly contacted us or our representatives.” Instead, the committee’s decision has been delivered via press release, Randa said.
As a result, Randa said it would address what it said were inaccuracies in the committee’s statement last week. That included the committee’s questioning of its financing ability. Spiegel said
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