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Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Kenneth Cole Productions, Inc. (“Cole” or “the Company”) (NYSE: KCP), concerning a recent going-private offer by Kenneth Cole, the Company’s founder, Chairman, and largest shareholder. Under the terms of the transaction, Cole shareholders would receive $15.00 per share in a deal worth approximately $144 million, excluding shares already held by Mr. Cole.
Cole shares have performed extremely well in recent months, rising almost $3.00 between December 29 and February 23, an increase of over 27%. The deal represents only about a 15% premium to the pre-offer closing price of $13.07. At least two analysts have set target prices of $16.00 to $17.00 for the Company’s shares.
In addition to the questionable consideration offered to shareholders, the offer raises concerns about Mr. Cole’s influence on the sale process. Mr. Cole holds about 47% of the Company’s shares, and about 89% of its voting power. He stated in his offer letter that he would not support any deal to sell the company to a different acquirer, which may effectively block any competing offer from receiving serious consideration.
If you are interested in discussing your rights as a Cole shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, D.C. offices at (877) 337-1050 or by email at
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
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