ALBANY – The New York Court of Appeals adopted a new approach Thursday for reviewing challenges to the fairness of proposals to take public companies private.
In a decision that validates designer Kenneth Cole’s $279 million bid to gain complete control over his eponymous apparel, footwear, handbag and accessory company, the court ruled unanimously that lower courts should apply a blended approach when considering shareholder challenges to so-called going-private mergers.
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