NEW YORK, March 6, 2012 /PRNewswire/ -- As previously announced, on February 23, 2012, Kenneth Cole Productions, Inc. (NYSE: KCP) (the "Company") received a non-binding proposal from Kenneth Cole, Chairman and Chief Creative Officer of the Company and the holder of approximately 47% of the Company's outstanding common stock (representing approximately 89% of the voting power), to acquire all of the outstanding shares of the Company's Class A common stock that he does not currently directly or indirectly own for $15.00 per share in cash. In response, the special committee of independent directors established by the Company's board of directors delivered a letter to Mr. Cole requesting that he reconsider his position that he is unwilling to consider any alternative proposals. On March 2, 2012, Mr. Cole responded by letter that he did not intend to change his position.
On March 1, 2012, the special committee retained BofA Merrill Lynch as its independent financial adviser to assist it in evaluating and determining the Company's response to Mr. Cole's proposal and, if the special committee deems it appropriate, to assist it in considering any alternative transactions.The special committee cautions the Company's shareholders and others considering trading in its securities that no decision has been made with respect to the special committee's response to the proposal. There can be no assurance that any definitive offer will be received, that any agreement will be executed or that the transaction contemplated in the proposal or any other transaction will be approved or consummated. The Company does not anticipate making any further public statements about this matter or the activities of the special committee unless and until either it enters into a definitive agreement for a transaction or the special committee determines that no such transaction will be effected.