Kenneth Cole will take his namesake company private in $245 million deal

New York -- Kenneth Cole Productions said its board has approved founder Kenneth Cole's offer to buy up the remaining part of the company that he doesn't already own in a deal worth $245 million.

Cole, currently the chairman and CEO of Kenneth Cole, holds about 46% of its outstanding common stock and controls 89% of its voting power. He will pay $15.25 for each share of the company that he doesn't already own.

Cole in February offered to pay $15 a share for the company, saying that private ownership was in the best interests of the company given recent market challenges and a competitive retail landscape. Major company shareholder Bandera Partners LLC last month called the $15 offer too low.