American fashion designer Kenneth Cole, who currently owns about 47 percent of shares in Kenneth Cole Productions Inc, has offered to buy the remaining stock of the company.
Mr. Cole is serving the company as Chairman and Chief Creative Officer, and has 89 percent of voting power.
He has offered to pay US$ 127.5 million to acquire the shares in the company, which would give shareholders US$ 15 per share, a 15 percent more than the price at which the company's shares were traded last week.
As per the offer, the whole company is valued at US$ 280 million.
The designer has, however, said the deal requires to be approved by a special committee of directors before it can be carried forward.
Fibre2fashion News Desk - India
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