February 7, 2018 / 12:29 PM / in 10 months

UPDATE 1-Former Perry Ellis chairman offers to buy company for $430 mln

(Adds details of offer)

Feb 7 (Reuters) - Perry Ellis International Inc's former chairman, George Feldenkreis, on Wednesday offered to buy the clothing company for $430 million with a plan to take the company private.

Feldenkreis, who is the company's largest shareholder, offered $27.50 per Perry Ellis share. The deal would be financed with a combination of debt and equity, according to a regulatory filing.

The financing is backed by a $300 million commitment from Fortress Investment. bit.ly/2C191jn

The offer price represents an 18.6 percent premium to the stock's closing price on Tuesday

Perry Ellis confirmed that it received the offer from Feldenkreis and would review the proposal.

"I am not comfortable with the motivations, strategy and oversight of the existing board and believe shareholder value will suffer under this board’s stewardship," Feldenkreis said in a letter to the company's board. bit.ly/2C2R2cb

He also said, as a public company, Perry Ellis is held back by short-term objectives and that the board is reluctant to take risks and is unprepared to underwrite business initiatives and opportunities to drive shareholder value. (Reporting by Sangameswaran S in Bengaluru; Editing by Sai Sachin Ravikumar, Bernard Orr)

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