The Perry Ellis International board has extended the time in which it will accept notice of the nomination of a director in connection with its upcoming annual meeting of shareholders.
The deadline for proper written notice is now 5 p.m. ET on April 12. The date and location for the annual meeting has not yet been disclosed.
Former chairman George Feldenkreis last week had requested an extension of the deadline to submit shareholder nominations.
Feldenkreis on Feb. 6 submitted a non-binding offer valued at $430 million, or $27.50 a share, to acquire all the shares of Perry Ellis that he doesn’t already own. The family’s ownership stake is valued at more than $100 million. When Feldenkreis submitted his request last week, he reaffirmed his offer to acquire the shares and take the company private. The former chairman is working with Fortress Credit Advisors.
Feldenkreis, Fortess and their advisers have signed non-disclosure agreements, according to Perry Ellis. Those agreements also contain so-called “standstill” provisions, Perry Ellis said.
Standstill agreements typically determine how a bidder can acquire, dispose or vote stock of the target company, in this case Perry Ellis. The agreements also protect the company from a hostile takeover in case Feldenkreis is unable to negotiate a “friendly” transaction.
On Feb. 26, the Perry Ellis board authorized a special committee to evaluate the proposal. At the time, the company said there was no “assurance” that the proposal would result in a binding offer or that one would even be executed.
On Thursday, when the company disclosed the extension of time to submit director nominations, the company said, “No decision has been made with respect to the company’s response to the proposal.” And while Perry Ellis also reaffirmed its no “assurance” stance, the company reiterated its previous position that it isn’t undertaking any obligation to provide any updates on the status of Feldenkreis’ proposal.