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April 15, 2014
06:33 EDTDSWDSW acquires approximately 44% interest in Town of shoes in Canada
DSW Inc. and Town Shoes announced that they have entered into a definitive agreement whereby DSW Inc. will purchase for cash approximately 44% interest in Town Shoes for approximately $62M. The transaction has been approved by each company's board and is expected to close in May. DSW Inc. is purchasing its initial 44% stake from AIMCo and may acquire additional shares from certain other minority shareholders as part of its initial investment. Additionally, DSW Inc. will have the right to purchase the balance of Town Shoes from the remaining shareholders, including Callisto Capital, after four years at a pre-determined EBITDA multiple. Callisto, on behalf of itself and the remaining shareholders, has the right to put the balance of the company to DSW Inc. after three years at a pre-determined EBITDA multiple. DSW Inc.'s initial stake provides 50% voting control and board representation, both of which are equal to that of Callisto. The transaction, which the company anticipates to record under the equity method, is expected to be slightly accretive to earnings in FY14, excluding one-time transaction expenses.
News For DSW From The Last 14 Days
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October 1, 2015
07:15 EDTDSWDSW pullback provides a buying opportunity, says MKM Partners
MKM Partners believes the pullback in DSW Inc shares is "extreme" and provides a buying opportunity. Analyst Patrick McKeever said sales have decelerated but DSW has done better than most and has continued to gain share in the adult footwear market. McKeever sees several years of mid-single-digit percentage store expansion and views management's long-term guidance of 500-550 regular format stores as conservative. The analyst trimmed estimates and its price target to $33 from $37 but maintains his Buy rating on shares.
September 28, 2015
10:05 EDTDSWHigh option volume stocks
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06:23 EDTDSWDSW downgraded to Neutral from Buy at B. Riley
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