This was in response to Randa’s latest volley in its attempt to acquire the company.
The U.S.-based holding company and Italian investment firm Panda Srl now own a majority stake in P448.
The accessories firm is sending another letter to the Perry Ellis Special Committee Monday morning on why it has the better offer.
The responsibility to shareholders involves a common sense approach to balancing price and the ability to close the deal.
The private equity player has taken a majority stake in Iconic, which is known for its illuminating and contouring formulas and vegan brushes.
The transaction includes French underwear brands Eminence and Athena, and the Italian brand Liabel.
Executives polled by KPMG also cited disruptive technologies and cyber threats as challenges moving forward.
The Perry Ellis special committee said a $444 million offer from Randa was “highly conditional, nonbinding and insufficient in terms of value and certainty.”