Kenneth Cole wants to take company private

[February 24, 2012]  NEW YORK (AP) -- Fashion designer Kenneth Cole wants to take Kenneth Cole Productions Inc. private, and is offering to pay about $127.5 million to buy the shares in the company that he doesn't already own.

The company's stock jumped 77 cents, or 5.9 percent, to $13.84 in Friday premarket trading.

Cole, who serves as chairman and chief creative officer, currently holds about 47 percent of the stock and 89 percent of its voting power.

The offer would give stockholders $15 per share in cash, a 15 percent premium to the company's Thursday closing price. The deal values the whole company at $280 million.

A letter Cole sent to the company said that he won't move forward with the deal unless it's approved by a special committee of independent directors.

[Associated Press]

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