Designer Brands reports preliminary results of ‘modified Dutch auction’

Designer Brands announced preliminary results of its “modified Dutch auction” tender offer which expired at 12:00 Midnight, ET, at the end of the day on July 7, 2023. Based on the preliminary 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of 1,470,832 shares of the company’s Class A Common Shares, without par value, were properly tendered and not properly withdrawn at or below a purchase price of $10.00 per Share, including 1,309 Shares that were tendered by notice of guaranteed delivery. In accordance with the terms and conditions of the tender offer and based on the preliminary count by the Depositary, the company expects to purchase all 1,470,832 Shares through the tender offer at a price of $10.00 per Share, for an aggregate cost of approximately $14,708,320, excluding fees and expenses relating to the tender offer. As the company expects to accept for purchase all of the Shares which were properly tendered and not properly withdrawn at a price at or below $10.00 there is no proration factor.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 total of 1,470,832 Shares that the company expects to purchase represents 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, 2023.