Kenneth Cole buyout bid to be funded with committed financing

By Sara Rosenberg

New York, Feb. 24 - Kenneth Cole Productions Inc. has received an acquisition offer from chairman and chief executive officer Kenneth D. Cole, which would be funded in part by committed financing from third-party sources, according to a news release.

Executed commitment letters for the financing are anticipated to be made available upon the completion of confirmatory due diligence.

Under the proposal, the company would be purchased for $15 per share in cash, giving it a total equity value of around $280 million.

The transaction will not move forward unless a special committee approves the buyout, the release said.

Kenneth Cole is a New York-based designer and marketer of fashion footwear, handbags and apparel.

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