New York—Kenneth Cole completed Tuesday his bid to takeover Kenneth Cole Productions Inc. and make it a private company. Cole assume control of about 46% of the company’s outstanding stock (representing about 89% of the voting power) through KCP Holdco, Inc. an entity he controls and that was formed to make the acquisition.
Under terms of the merger agreement, Kenneth Cole Productions shareholders—except Cole and his affiliated entities, will receive $15.25 per share in cash.
The transaction was approved by the company’s stockholders at a special meeting of shareholders held on September 24. The merger was approved by holders of about 98% of the shares of the company’s outstanding common stock, and by holders of approximately 80% of the shares not owned by Cole.
In addition, the company’s stockholders also approved, by a non-binding, advisory vote, compensation payable to the company’s named executive officers in connection with the merger.
As a result of the merger approval, the company’s common stock will be delisted from the New York Stock Exchange.
About Kenneth Cole Productions, Inc.
Kenneth Cole Productions, Inc. designs, sources, and markets a broad range of footwear, handbags, apparel and accessories under the brand names Kenneth Cole New York; Kenneth Cole Reaction; and Unlisted, as well as footwear under the proprietary trademark Gentle Souls. The company has also granted a wide variety of third party licenses for the production of men’s, women’s and children’s apparel as well as fragrances, watches, jewelry, eyewear, and several other accessory categories. The company’s products are distributed through department stores, better specialty stores, company-owned retail stores and its e-commerce website. www.kennethcole.com.