Kenneth Cole Investors Sue To Block Founder's $148M Buyout

Law360, New York (February 24, 2012, 5:03 PM EST) -- A putative class of Kenneth Cole Productions Inc. shareholders moved swiftly on Friday to thwart a proposed $148 million buyout by the clothing and footwear chain’s eponymous founder.

Astor BK Realty Trust filed suit in New York state court seeking to block Cole’s offer to purchase all outstanding publicly held shares of the company for $15 each. The offer, announced Friday morning, would take the company private at a value of $280 million.

Cole, who owns 47 percent of the company’s stock as its chairman and...
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