Kenneth Cole Productions (KCP) Forms Special Committee to Consider Proposal
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Kenneth Cole Productions's (NYSE: KCP) board of directors has formed a special committee of independent directors to consider the proposal, to negotiate on behalf of the Company and, if it deems appropriate, to solicit and consider any alternative transactions.
The proposal was from Kenneth Cole, Chairman and Chief Creative Officer of the Company and the holder of approximately 47% of the Company's outstanding common stock, 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.
The special committee is comprised of all of the directors of the Company other than Kenneth Cole and Paul Blum. The special committee is authorized to retain independent financial advisors and legal counsel to assist it in its work. The board of directors cautions the Company's shareholders and others considering trading in its securities that it has only received the proposal and that no decision has been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, 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.
The proposal was from Kenneth Cole, Chairman and Chief Creative Officer of the Company and the holder of approximately 47% of the Company's outstanding common stock, 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.
The special committee is comprised of all of the directors of the Company other than Kenneth Cole and Paul Blum. The special committee is authorized to retain independent financial advisors and legal counsel to assist it in its work. The board of directors cautions the Company's shareholders and others considering trading in its securities that it has only received the proposal and that no decision has been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, 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.
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