San Diego, CA -- (SBWIRE) -- 03/05/2012 -- Another investor in NYSE:KCP shares filed an additional lawsuit in effort to block the proposed takeover of Kenneth Cole Productions for $15 per share.
Investors that purchased NYSE:KCP shares prior to February 24, 2012 and currently hold any of those NYSE:KCP shares 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).
Only hours after the offer was made public a first lawsuit was filed and within days another investor filed an additional lawsuit.
The plaintiffs allege that the $15offer is unfair to the NYSE:KCP stockholders and undervalues Kenneth Cole Productions. In fact, following the takeover proposal shares of Kenneth Cole Productions (NYSE:KCP) jumped from $13.07 per share on Thursday to $15.90 on Friday, February 24, 2012 and at least one analyst has set the high target price for NYSE:KCP shares at $17 per share, both above the $15 offer.
Furthermore, the plaintiff alleges the process is unfair to NYSE:KCP stockholders. Indeed, Mr. Cole currently owns approximately 47% of the common stock (representing approximately 89% of the voting power) of the Company. The plaintiff said that "There is no indication that that board of directors or management will be able to free themselves from their own interests and the control of Cole to conduct an adequate process, which will properly protect and serve the interests of the public shareholders."
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