Steven Madden buys $44.2 million of stock in modified Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., March 25 - Steven Madden, Ltd. said it accepted 2.6 million shares, or 12.9%, of its common stock for purchase at a price of $17.00 per share, or a total of $44.2 million, in its modified Dutch auction tender offer ended March 18.

These results are final, according to a company news release.

A total of 3,227,534 shares of common stock were properly tendered and not withdrawn at a price of $17.00 or less per share.

Steven Madden said the proration factor is about 80.6% of the shares tendered, other than odd lot shares.

With the tender offer completed, Steven Madden now has an estimated 17.6 million shares of common stock outstanding, the release stated.

Depositary for the offer was American Stock Transfer & Trust Co., and the information agent was 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.