Perry Ellis Acquires Rafaella Apparel Group

Shares of Perry Ellis International jumped more than 13 percent Friday after the company announced it will acquire Rafaella Apparel Group, currently controlled by Cerberus Capital Management, for $70 million and warrants to purchase 106,564 shares of common stock. Rafaella, a designer and distributor of women's sportswear has annual revenues of $122 million.