NEW YORK (MarketWatch) — Kenneth Cole, the founder of Kenneth Cole Productions Inc.
has proposed a going-private transaction for his clothing company at a price of $15 a share in cash. The buyout offer values the New York-based fashion brand at $280 million. The price of $15 a share represents a premium of about 15% over the stock’s Thursday close of $13.07 a share. Cole currently serves as chairman and chief creative officer of the company. He owns about 47% of the common stock representing 89% of the voting power of the company. “Recent market challenges have created a sharply competitive landscape, and I believe it is now more important than ever to embrace a more entrepreneurial perspective,” Cole said.
View more information: https://www.marketwatch.com/story/kenneth-cole-going-private-in-280-mln-deal-2012-02-24