In re Kenneth Cole: New York Court Dismisses Challenge to Going-private Transaction | Practical Law
A New York trial court dismissed a challenge to a going-private transaction in In re Kenneth Cole Productions, Inc. Shareholder Litigation. The court held that the board of the target company was entitled to the presumptions of the business judgment rule, even though the buyer owned or controlled approximately 46% of the target company's outstanding common stock and 89% of its voting power.