DSW Inc. completed its previously-announced merger between its largest shareholder, Retail Ventures, Inc. and a wholly owned subsidiary of DSW.
On Feb. 8, 2011, DSW and Retail Ventures, Inc. announced the two companies had signed a definitive merger agreement providing for RVI to become a wholly-owned subsidiary of DSW in an exchange of shares at an exchange ratio of 0.435 DSW shares per RVI share. The merger was approved by DSW and RVI shareholders on May 19, 2011. As a result of the closing of the merger, Retail Ventures common shares have ceased trading on, and are being delisted from, the New York Stock Exchange. Additionally, after completion of the transaction, prior period financial information presented in the DSW consolidated financial statements will generally reflect the historical activity of RVI.
“The completion of our merger with RVI represents a milestone for our company and brings a number of expected benefits to DSW, including a simplified corporate structure and a significant increase in our public float,” stated Mike MacDonald, president and chief executive officer, DSW Inc. “As we look ahead, our strategies remain unchanged. We will continue to execute the strategies that led to our strong performance in fiscal 2010 and the first quarter of 2011. We remain confident that our differentiated operating model, growing national awareness of the DSW brand, and the focused execution of our growth initiatives have us positioned to sustain our current performance momentum.”