In a letter to the company dated May 23, the former chairman said that since announcing his offer in February to acquire shares of Perry Ellis not already beneficially owned by him, he has negotiated with the committee in good faith, but that the same courtesy has not been shown to him. The proposal at $27.50 a share “offers a high certainty of closing for shareholders with our due diligence complete and financing in place,” the letter said.
Feldenkreis noted that the process has been extended to almost four months. He is also pushing the Special Committee to commit to concluding negotiations and enter into a definitive agreement by May 29.
The former chairman also said of his offer, “If the Special Committee cannot commit to that time frame, I will withdraw my proposal and pursue all other rights as a shareholder.”
On May 18, Feldenkreis nominated a slate of directors to the company’s board for election at the next annual meeting of shareholders. The date and location of the Perry Ellis meeting has yet to be revealed.
Representatives at the company on Wednesday could not be reached at press time. Upon receipt of Feldenkreis’ proposed board slate, the company said last week that the committee would “refrain at this time from commenting on the status of all negotiations in progress…”
Feldenkreis has a history with the company that spans more than 50 years. He left last fall and his son Oscar is now chief executive officer.