Designer Brands announces results of its tender offer

Designer Brands announced final results of its “modified Dutch auction” tender offer which expired at 12:00 Midnight, ET, at the end of the day on July 7. Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, a total of 1,470,832 shares of the Company’s Class A Common Shares, without par value, were properly tendered and not properly withdrawn at or below a purchase price of $10.00 per Share. In accordance with the terms and conditions of the tender offer, the Company accepted for purchase an aggregate 1,470,832 Shares, representing approximately 2.5% of the total number of Shares outstanding, or 2.2% of the total number of Shares outstanding assuming the conversion of all shares of the Company’s Class B Common Shares into Shares, as of July 6, at a purchase price of $10.00 per Share, for an aggregate cost of $14,708,320 excluding fees and expenses relating to the tender offer. As the Company accepted for purchase all of the Shares which were properly tendered and not properly withdrawn at a price at or below $10.00 there is no proration factor. The Depositary has paid for all of the Shares accepted for purchase. Payment for the Shares purchased was made in cash, less any applicable withholding taxes and without interest. BofA Securities, Inc. and BMO Capital Markets Corp. acted as dealer managers for the tender offer and Georgeson acted as information agent for the tender offer.