Designer Brands Inc. has commenced the modified "Dutch Auction" tender offer to repurchase up to $100 million Class A common shares
Designer Brands Inc. (NYSE: DBI), a global leader in footwear and accessories, has announced the commencement of a modified "Dutch Auction" tender offer to repurchase up to $100 million worth of its Class A common shares.
Designer Brands aims to repurchase its Class A common shares at a price not less than $7.00 per share and not more than $8.00 per share. The number of shares proposed to be purchased represents approximately 25% of the company's currently outstanding Class A common shares. The tender offer will be carried out through a modified Dutch Auction process, allowing shareholders to tender their shares within a specified price range determined by the company.
The tender offer, which commenced on June 8, 2023, will remain open until July 7, 2023, at 12:00 Midnight, New York City time. Shareholders who wish to participate in the buyback program must submit their tenders prior to the expiration of the offer. It is important to note that shareholders have the option to withdraw their shares at any time before the tender offer expires.
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