Shoe and apparel maker Kenneth Cole Productions Inc. (NYSE: KCP) will be taken private by the company’s founder, chairman, and chief creative officer, Kenneth D. Cole. Mr. Cole already owns 47% of the company’s common stock and 89% of the voting rights, so this is essentially a done deal.
Shareholders are being offered $15/share and the total transaction is valued at around $280 million. The price is a premium of about 26% to last night’s closing price and is “a higher price than the stock has traded for since October 2010, and, prior to then, September 2008.”
The press release also notes:
Mr. Cole will not move forward with the transaction unless it is approved by the special committee [of the board of directors] and that the definitive transaction documents will provide that the transaction will be subject to a non-waivable condition requiring the approval of a majority of the shares of the Company that are not directly or indirectly owned by Mr. Cole.
Shares are up 5.9% in the pre-market, to $13.84 in a 52-week range of $10.00-$13.98.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
