The Special Committee of Perry Ellis International Inc. said Thursday it will recommend that shareholders vote in favor of a $437 million deal to be taken private by its founder and former executive chairman George Feldenkreis. The committee, which is made up of independent directors, said the deal is "substantially" similar to an unsolicited bid made earlier this week by men's accessories company Randa Accessories. Randa is offering $28 a share for Perry Ellis, or 50 cents more than the $27.50 offer made by Feldenkreis. "The Special Committee unanimously determined, after consultation with its legal and financial advisors, that the Randa proposal does not satisfy the requirements in the Feldenkreis merger agreement for granting due diligence access or commencing negotiations with respect to a competing takeover proposal," it said in a statement. The Randa proposal is highly conditional, non-binding and insufficient in terms of value and certainty of the debt financing commitments and a lack of evidence of sufficient cash equity on hand, said the statement. The Feldenkreis deal is expected to close in the second half, subject to approvals by shareholders and regulators. Perry Ellis shares were not yet active premarket, but have gained 16.9% in 2018, while the S&P 500 has gained 1.5%.