By  on June 6, 2012

Kenneth Cole Productions Inc. said Wednesday its board has approved the offer from the company’s founder to acquire the firm for $15.25 a share in cash, with an implied enterprise value of $245 million.

Although the board has approved the merger, completion of the transaction still requires approval of the shareholders and is subject to certain closing conditions. The deal the board agreed to is slightly better than the offer of $15 a share first proposed in February.

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