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Kenneth Cole to take namesake company private

American contemporary brand and retailer Kenneth Cole is to go private in a deal that will value the business at around $280m (£180m), according to reports.

The board of Kenneth Cole Productions said yesterday it had accepted a takeover offer by the company’s founder to buy 54% of the company’s public shares for $15.25 (£9.84) per share.

Cole – who founded the label in 1982 and is the biggest shareholder – said he felt the company would develop better privately, without the pressures of a public market focused on short-term results.

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