Kenneth Cole Productions Investor Lawsuit Against Takeover Offer Announced by Shareholders Foundation
9:38 AM ET 2/27/12 | Marketwire
The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of Kenneth Cole Productions (KCP) in effort to stop the proposed takeover of Kenneth Cole Productions by its Chairman and Chief Creative Officer Kenneth D. Cole for $15.00 per share.
If you purchased shares of Kenneth Cole Productions (KCP) prior to Feb. 24, 2012 and currently hold those KCP stocks, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@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. (KCP). The proposal values the total equity of the Company at approximately $280 million.
However, the plaintiff alleges that the $15 offer is unfair to the KCP stockholders and undervalues Kenneth Cole Productions. In fact, following the takeover proposal shares of Kenneth Cole Productions (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 KCP shares at $17 per share, both above the current offer.
Furthermore, the plaintiff alleges the process is unfair to KCP stockholders.
Indeed, Mr. Cole currently owns approximately 47% of the common stock (representing approximately 89% of the voting power) of Kenneth Cole Productions.
Those who currently are investors in Kenneth Cole Productions (KCP) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc
mailto:mail@shareholdersfoundation.com
