Steven Madden Inc. (NDAQ:SHOO) caught the attention of at least one activist investor today after the company announced that it was setting up a strategic review committee and hinted that a sale to a strategic or financial buyer may be in the best interest of the company. The Clinton Group disclosed an increased stake and reiterated that a leveraged stock repurchase would help improve the efficiency of the company's capital structure and create immediate value for shareholders while it explored the possibilities of a sale.

"We would support a sale of the company if the acquisition price reflected Steve Madden’s promising, long-term business prospects," wrote the Clinton Group in a letter to the board. "We think there are potentially multiple buyers who would be interested in the company. Steve Madden may be a logical target for a strategic buyer interested in diversifying its footwear portfolio, or a financial buyer who could steward growth in a flexible, private context."

The Clinton Group was also quick to note that they look forward to working constructively with the board and strategic review committee in order to facilitate this process. The activist hedge fund did not want to make this appear as if it were a hostile campaign at all. Clearly, this is also good news for other shareholders who stand to gain if the company announces a transaction. This makes SHOO a stock worth watching!

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