COLUMBUS, Ohio, July 12,
2023 /PRNewswire/ -- Designer Brands Inc. (NYSE: DBI)
(the "Company"), one of the world's largest designers, producers,
and retailers of footwear and accessories, today 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, 2023.
Based on the final count by Computershare Trust Company, N.A.,
the depositary for the tender offer (the "Depositary"), a total of
1,470,832 shares of the Company's Class A Common Shares, without
par value (each, a "Share"), 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properly withdrawn at or below a purchase price of $10.00 per Share.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,
2023, 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properly withdrawn at a price at or below $10.00 there is no proration factor.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, LLC acted as
information agent for the tender offer. Shareholders who have
questions or would like additional information about the tender
offer may contact Georgeson toll-free at (888) 206-5896 banks and
brokers may call Georgeson at (888) 206-5896, BofA Securities, Inc.
at (888) 803-9655 or BMO Capital Markets Corp. at (212)
702-1101.
About Designer Brands Inc.
Designer Brands is
one of the world's largest designers, producers, and retailers of
the most recognizable footwear brands and accessories, transforming
and defining the footwear industry through a mission of inspiring
self-expression. With a diversified, world-class portfolio of
coveted brands, including Keds, Lucky Brand, Crown
Vintage, Vince
Camuto, Topo Athletic, Jessica Simpson, Le Tigre and
others, Designer Brands designs and produces on-trend footwear and
accessories for all of life's occasions delivered to the consumer
through a robust direct-to-consumer omni-channel
infrastructure and powerful national wholesale distribution.
Powered by a billion-dollar digital commerce business across
multiple domains and nearly 640 DSW Designer Shoe
Warehouse and The Shoe Company stores in North America, Designer Brands delivers
current, in-line footwear and accessories from the largest national
brands in the industry and holds leading market share positions in
key product categories across Women's, Men's and Kids'. Designer
Brands also distributes its brands internationally through select
wholesale and distributor relationships while also leveraging
design and sourcing expertise to build private label
product for national retailers. Designer Brands is committed to
being a difference maker in the world, taking steps forward to
advance diversity, equity, and inclusion in the footwear industry
and supporting a global community and the health of the planet by
donating more than seven million pairs of shoes to the global
non-profit Soles4Souls. To learn more, visit
www.designerbrands.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Certain statements in this press
release, other than statements of historical fact, constitute
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by the use of
forward-looking words such as "outlook," "could," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"would," "seeks," "approximately," "predicts," "intends," "plans,"
"estimates," "anticipates," or the negative version of those words
or other comparable words. These statements are based on the
Company's current views and expectations and involve known and
unknown risks, uncertainties, and other factors, including those
included in the Company's latest Annual Report on Form 10-K or
other reports filed or made with the Securities and Exchange
Commission, that may cause actual results, performance, or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements. All forward-looking statements speak
only as of the time when made. The Company undertakes no obligation
to update or revise the forward-looking statements included in this
press release to reflect any future events or
circumstances.
For further information: Edelman
Smithfield for Designer Brands,
DesignerBrandsIR@edelman.com
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SOURCE Designer Brands Inc.