Designer Brands announced that it is amending its previously announced modified “Dutch auction” tender offer to purchase for cash up to $100M in value of its Class A common shares. The offer originally was set at a price per share not greater than $8.00 nor less than $7.00, less any applicable withholding taxes and without interest. Additionally, the offer originally was conditioned on the company entering into a term loan agreement for $135M to be used principally to fund the offer. As amended, the offer is now set at a price per share not greater than $10.00 nor less than $8.75, less any applicable withholding taxes and without interest. Furthermore, as amended, the offer is no longer subject to the financing contingency, as the company has satisfied such condition through its entry into a senior secured term loan in the maximum aggregate principal amount of $135M, effective June 23. The offer will expire at 12:00 Midnight, ET, at the end of the day on July 7, the company noted.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on DBI:
- Designer Brands Inc. Increases Price Range and Satisfies the Financing Contingency for Tender Offer to Repurchase up to $100 Million of its Class A Common Shares
- Largest borrow rate increases among liquid names
- Nike Stock (NYSE:NKE): Retailer Returns to Its Partners
- Designer Brands Inc. Announces Commencement of Tender Offer to Repurchase Up to $100 Million of its Class A Common Shares
- Designer Brands Inc. Reports First Quarter 2023 Financial Results