Clinton Group wants Steven Madden to consider Dutch tender offer

By Lisa Kerner

Charlotte, N.C., Oct. 18 - Steven Madden, Ltd. investors the Clinton Group sent a letter to chief executive officer Jamieson A. Karson noting that while the company's brand is strong, its stock is "trading at historically low valuation multiples (5.1x 2007E EBITDA)."

The letter was included in a schedule 13D filing with the Securities and Exchange Commission.

Clinton Group had discussed with Karson several alternatives to enhance shareholder value including a Dutch auction tender offer of $180 million to repurchase Steven Madden shares. The suggested range for the shares is above $21 each.

Clinton Group owns 1,077,486 shares, or 5.1%, of the Long Island City, N.Y.-based shoe retailer.

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