Kenneth Cole Moves to Take Company Private at $15.25/Share
Shares of Kenneth Cole (NYSE: KCP) traded higher on Wednesday after it was announced that the founder of the company would be purchasing all outstanding shares for $15.25 per share in a move to take the company private.
Despite the move, shares are trading at a discount to that price, hoovering right around $15.06. Traders who believe that the offer will go through could still see a slight gain on a move into the stock.
Back in February, Cole had offered to buy the company at $15, an offer that was criticized as being too low.
This stands in contrast to Michael Kors (NYSE: KORS), who took his namesake company public late last year. KORS has performed well since its IPO, currently trading near $38.50 after opening around $25 per share.
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