Steven Madden to consider strategic alternatives

By Lisa Kerner

Charlotte, N.C., Oct. 19 - The board of directors of Steven Madden, Ltd. formed a strategic review committee comprised of independent directors Peter Migliorini, Richard P. Randall and Walter Yetnikoff with the assistance of Peter J. Solomon & Co.

The company said it has "received inquiries from third parties with respect to an acquisition of the company" as well as stockholder pressure that Steven Madden consider alternatives to enhance shareholder value.

Steven Madden does not plan to disclose further details of the process until the review is completed, a company news release stated.

On Wednesday, investor the Clinton Group sent a letter to chief executive officer and chairman Jamieson Karson urging the company to consider alternatives to enhance shareholder value, including a $180 million Dutch auction tender offer.

The Long Island City, N.Y., company designs and markets footwear and accessories.

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