Market Overview

Perry Ellis Reportedly On Block; Stock Jumps 8%

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Perry Ellis International (NASDAQ: PERY) jumped nearly eight percent Wednesday on a report by The Deal that said the company is said to be preparing for a sale.

Legion Partners Asset Management disclosed a 5.9 percent stake in the apparel company on July 17 and said Perry Ellis should take "immediate action" to boost its profits and stock performance.

Since Legion's disclosure, Perry shares have climbed about 18 percent.

Chairman and Chief Executive George Feldenkreis controls a 20 percent stake in the company, which he founded in 1961.

On Wednesday, The Deal cited unnamed sources who said potential buyers may include VF Corp. and G-III Apparel Group Ltd., as well as private equity firms.

Perry Ellis closed at $20.73, up 7.86 percent.

Posted-In: News Rumors M&A

 

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