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Block & Leviton LLP Investigates Kenneth Cole Productions Inc. for Possible Breaches of Fiduciary Duties in Management-Led Buyo
Block & Leviton LLP Investigates Kenneth Cole Productions Inc. for Possible Breaches of... -- BOSTON, Feb. 24, 2012 /PRNewswire/ --
Block & Leviton LLP Investigates Kenneth Cole Productions Inc. for Possible Breaches of Fiduciary Duties in Management-Led Buyout Offer
BOSTON, Feb. 24, 2012 /PRNewswire/ -- Block & Leviton LLP, a Boston based law firm with experience representing investors nationwide, is investigating possible breaches of fiduciary duty by the Board of Directors of Kenneth Cole Productions Inc. ("KCP" or the "Company") (NYSE: [ KCP ]) concerning a proposed buyout offer by the Company's Chairman and Chief Creative Officer, Kenneth D. Cole ("Mr. Cole").
On February 24, 2012, Mr. Cole announced his proposal to acquire 100% of the Company's outstanding shares and is offering KCP shareholders $15.00 in cash for each share of common stock. The offer values the Company at approximately $280 million and represents a paltry 14.76% premium over the Company's February 23, 2012 closing price, and a 26% premium over the stock's 45-day average closing price. In fact, analyst's targets are well above the offer price, with at least one analyst placing the Company at $17.00 per share.
Currently Mr. Cole holds approximately 47% of the Company's common stock, which represents approximately 89% of the voting power.
If you own stock in KCP please contact us to discuss your rights with regard to this proposed transaction or if you have any questions.
BLOCK & LEVITON LLP
Jason M. Leviton, Esq.
Scott A. Mays, Esq.
[ info@blockesq.com ]
(617) 398-5600
The attorneys at Block & Leviton have more than 50 years of experience in representing individual and institutional investors in shareholder rights actions.
This may constitute attorney advertising.
SOURCE Block & Leviton LLP
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