Fashion designer Kenneth Cole will soon own his namesake company in a deal worth $245 million.
The clothing and accessories company says its board has approved Cole's offer to buy up the part of the company that he doesn't already own for $15.25 per share.
That's above his earlier offer of $15 per share, from February, and represents a 17 percent premium to the New York company's stock price before his initial bid.
Kenneth Cole is currently the chairman and chief creative officer of Kenneth Cole Productions Inc. and holds nearly half its outstanding common stock.
The designer says Kenneth Cole Productions Inc. will be able to grow better as a private company than as a public one focused on short-term results.
Shares are up 3.6 percent on the news.
Kenneth Cole Productions Inc., Fashion designer Kenneth Cole, private company, Cole
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