DSW (DSW) Jumps as Leonard Green May Target it in a Takeover

December 4, 2012 9:57 AM EST
Shares of DSW Inc. (NYSE: DSW) are higher early Tuesday on takeover speculation after private equity firm Leonard Green & Partners, L.P. was forced to disclose this morning they have been building a stake in the company over the past few quarters.

Amended filings with the SEC Tuesday showed that Leonard Green & Partners owned 981,196 shares of the shoe retailer as of June 30, 2012, raising it to 1,299,471 shares as of September 30, 2012. The firm was obligated to report the stake after confidential treatment with the SEC expired on November 28, 2012.

The 1,299,471 shares as of September 30, 2012 gives Leonard Green a nearly 3% stake.

The confidential treatment shows that the firm did not want the public to know its moves as it built a position.

The move by Leonard Green is reminiscent of a play by the private equity firm in BJ's Wholesale. After initially disclosing its stake in BJ's Wholesale in July 2010, a little over a year later Leonard Green acquired the entire company.

Shares of DSW are up 5.8 percent to $71.75.

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