Designer Brands Inc. Announces Preliminary Results Of Modified Dutch Auction 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Of 1,470,832 Shares Of The Company's Class A Common Shares, Without Par Value, Were Properly Tendered And Not Properly Withdrawn At Or Below $10/Share
Portfolio Pulse from Happy Mohamed
Designer Brands Inc. (NYSE:DBI) has announced preliminary results of its modified Dutch auction tender offer. A total of 1,470,832 shares of the company's Class A Common Shares were properly tendered and not properly withdrawn at or below $10 per share. The company expects to purchase all these shares at a price of $10 per share, for an aggregate cost of approximately $14,708,320. This represents approximately 2.5% of the total number of shares outstanding.
July 10, 2023 | 1:01 pm
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Designer Brands Inc. is expected to purchase 1,470,832 shares at $10 per share, costing approximately $14.7M. This represents about 2.5% of total shares outstanding.
The company's decision to purchase its own shares could be seen as a sign of confidence in its own future prospects. However, the impact on the stock price is uncertain as it depends on various factors including market conditions and investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100