San Diego, CA -- (SBWIRE) -- 06/20/2012 -- An investor in NYSE:KCP shares filed a new lawsuit on Thursday against the offer by Kenneth D. Cole to take over Kenneth Cole Productions at $15.25 per NYSE:KCP share.
Investors that are current investors in Kenneth Cole Productions (NYSE:KCP) and purchased NYSE:KCP shares prior to February 24, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On Feb. 24, 2012, Kenneth D. Cole, Chairman and Chief Creative Officer of Kenneth Cole Productions, Inc, announced that he has proposed to acquire through a merger transaction 100 percent of the outstanding publicly held shares of common stock of Kenneth Cole Productions, Inc. (NYSE: KCP). The proposal values the total equity of the Company at approximately $280 million. Only hours after the offer was made public a first lawsuit was filed and within days another investor filed an additional lawsuit.
Then June 6, 2012, Kenneth Cole Productions, Inc. (NYSE: KCP) announced that it has entered into a merger agreement under which Kenneth D. Cole, Chairman and Chief Creative Officer of the Company and the beneficial holder of approximately 46% of the Company's outstanding common stock (representing approximately 89% of the voting power), will acquire the Company through KCP Holdco, Inc., an entity he controls that was formed for the purposes of the acquisition. Kenneth Cole Productions, Inc said that under the agreement, the Company's shareholders, excluding Mr. Cole and his affiliated entities, will receive $15.25 per share in cash upon completion of the transaction.
On Thursday, June 14, 2012, an investor in NYSE:KCP sued to block the $15.25offer to take over Kenneth Cole Productions.
On June 15, 2012, 2012. NYSE:KCP shares closed at $14.96 per share.
Those who are current investors in Kenneth Cole Productions (NYSE:KCP) and purchased your Kenneth Cole Productions shares prior to February 24, 2012, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego