US: Kenneth Cole completes acquisition of Kenneth Cole Productions
Kenneth Cole has completed the acquisition of his eponymous clothing and footwear brand Kenneth Cole Productions.
Cole, who held an approximately 46% stake in the company, acquired the company through KCP Holdco, an entity he controls and that was formed for the purposes of the acquisition.
Shareholders, excluding Cole and his affiliated entities, will receive $15.25 per share in cash.
When Cole made the offer, he said the transaction would ensure the company has the flexibility and structure to "successfully navigate our market environment in the years to come" as recent market changes have created a "sharply competitive landscape".
"I believe it is now more important than ever to embrace a more entrepreneurial perspective where we are all incentivised to grow and develop our company's products, brand and business with a longer-term perspective."
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