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Steven Madden announces preliminary results of 'Dutch Auction'
20 Mar '08
1 min read
Steven Madden Ltd, a leading designer, wholesaler and marketer of fashion footwear and accessories for women, men and children, announced the preliminary results of its modified "Dutch Auction" tender offer, which expired at 12:00 midnight, Eastern Time on Tuesday, March 18, 2008.
Based on a preliminary count by the depositary for the tender offer, 3,227,985 shares of common stock were properly tendered and not withdrawn at a price of $17.00 or less per share. Steven Madden Ltd expects to purchase 2,600,000 shares, resulting in a proration factor of approximately 80.5% of the shares tendered.
These shares represent approximately 12.9% of the shares outstanding. All "odd lot" shares properly tendered at the $17.00 purchase price will be purchased before any proration is done.
The number of shares to be purchased and the price per share are preliminary. Final results for the tender offer will be determined subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn.
The actual number of shares to be purchased, the price per share and the proration factor will be announced following the completion of the confirmation process. Payment for the shares accepted for purchase will occur promptly thereafter.
Based on a preliminary count by the depositary for the tender offer, 3,227,985 shares of common stock were properly tendered and not withdrawn at a price of $17.00 or less per share. Steven Madden Ltd expects to purchase 2,600,000 shares, resulting in a proration factor of approximately 80.5% of the shares tendered.
These shares represent approximately 12.9% of the shares outstanding. All "odd lot" shares properly tendered at the $17.00 purchase price will be purchased before any proration is done.
The number of shares to be purchased and the price per share are preliminary. Final results for the tender offer will be determined subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn.
The actual number of shares to be purchased, the price per share and the proration factor will be announced following the completion of the confirmation process. Payment for the shares accepted for purchase will occur promptly thereafter.
Steven Madden Ltd
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