Fashion designer Kenneth Cole proposes to acquire 100% of the outstanding publicly held shares of common stock of Kenneth Cole Productions, Inc.
As reported widely in the press, including the New York Times, Willkie is advising famed fashion designer Kenneth Cole in his proposed merger transaction to acquire 100% of the outstanding publicly held shares of common stock of Kenneth Cole Productions, Inc. Mr. Cole is Chairman and Chief Creative Officer of the company and currently owns approximately 47% of the common stock (representing approximately 89% of the voting power) of the company. Under the non-binding proposal, public stockholders would receive $15.00 per share in cash, valuing the company at approximately $280 million. The company’s Board of Directors has formed a Special Committee of independent directors to evaluate the proposal. Kenneth Cole Productions 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 deal is being handled by partners Adam Turteltaub and Jack Nusbaum.