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).

Bottom line from the WSJ: