05/31/2012 03:54 EDT | Updated 07/30/2012 05:12 EDT


NEW YORK, N.Y. - Kenneth Cole will soon own the namesake company that he founded in a deal worth $245 million.

The clothing and accessories company said Wednesday that its board has approved the fashion designer's offer to buy up the chunk of the company that he doesn't already own for $15.25 per share. That's above his earlier offer of $15 per share in February. It represents a 17 per cent premium to the New York company's stock price before his initial bid.