Clinton Group's stake in Steven Madden dips below 5%

By Lisa Kerner

Charlotte, N.C., Feb. 21 - Investors led by Clinton Group, Inc. sold 361,308 shares of Steven Madden, Ltd. stock between Jan. 3 and Feb. 19, reducing their ownership interest in the company to 4.65% from 6.1%.

The shares were priced from $12.50 to $19.01 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 933,920 shares of the Long Island City, N.Y., footwear company's outstanding stock.

In November, the Clinton Group suggested to Steven Madden that "a recapitalization would improve the efficiency of the company's capital structure and create immediate accretion for shareholders."

Clinton would support a sale of the company "if the acquisition price reflected Steve Madden's promising, long-term business prospects," a prior SEC filing stated.

On Feb. 19, Steven Madden completed its review of strategic alternatives and said it will move forward with a modified Dutch auction tender offer using a portion of Steven Madden's cash balances.

The company said it will repurchase up to 2.6 million shares, or 12.9%, of its common stock at a price per share not greater than $20 and not less than $16.50.

The tender offer is slated to begin on Feb. 20 and to end at midnight ET on March 18, unless extended.

© 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.