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Perry Ellis founder makes offer to take company private

Perry Ellis founder George Feldenkreis. Photo by JP Yim/Getty Images

George Feldenkreis, the founder of Perry Ellis International, and Fortress Investment Group have offered to buy the apparel company for $430 million, or $27.50 per share (18.6% premium to yesterday’s closing price).

The backstory: Feldenkreis was ousted as executive chairman just six months ago, despite having installed his son as CEO (following activist pressure to split the chairman and CEO roles).

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Bottom line from the WSJ:

"Feldenkreis, who continues to sit on the board, has grown frustrated with what he sees as a short-term focus and an unwillingness to invest in the business on the part of his fellow directors... He thinks that as a private company, Perry Ellis would have an easier time beefing up its marketing, e-commerce and its international business, and possibly acquiring more brands."
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