July 5, 2018 / 12:21 PM / 8 months ago

Perry Ellis advises shareholders to vote for lower buyout offer from founder

July 5 (Reuters) - Perry Ellis International Inc on Thursday recommended shareholders to vote for the buyout offer from the company's founder instead of a higher bid made by accessories maker Randa Accessories.

The special committee, formed to evaluate the agreement which was comprised of Perry Ellis' board members, said that Randa's $28 per share offer in cash was not solicited.

Randa on Monday made a $444 million offer, which was higher than the $437 million competing offer from the company's founder George Feldenkreis, which Perry Ellis had agreed to in June. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr)

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