Steven Madden announces preliminary results of Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., March 19 - Preliminary results indicate that 3,227,985 shares of Steven Madden, Ltd.'s common stock were tendered at a price of $17.00 or less per share in the company's modified Dutch auction tender offer, which ended Tuesday.

Steven Madden said it expects to purchase 2.6 million shares resulting in a proration factor of approximately 80.5% of the shares tendered.

Final results for the tender offer will be determined by the depositary, American Stock Transfer & Trust Co., according to a company news release.

The information agent for the tender offer is D.F. King & Co., Inc. (800 901-0068).

On Feb. 19, Steven Madden announced it would repurchase up to 2.6 million shares, or 12.9%, of its common stock at a price per share not greater than $20.00 and not less than $16.50.

The tender offer followed the company's completion of its review of strategic alternatives first announced in October.

Steven Madden is a Long Island City, N.Y., footwear company.

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