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Friday, January 7, 2011

Perry Ellis to buy Rafaella for about $70 mln, (NASDAQ: PERY)

Perry Ellis International Inc (PERY.O) said it will buy Rafaella Apparel Group from Cerberus Capital Management [CBS.UL] for about $70 million as it looks to diversify and strengthen its presence in the women's apparel market. The Miami-based company will also issue warrants to purchase 106,564 common shares. Perry Ellis shares were up 14 percent to $29.87 on Friday morning on Nasdaq -- their highest in more than three years.