Back in August, BloggingStocks writer Kevin Kelly suggested that readers take a look at Steven Madden (NASDAQ: SHOO), a well-known maker of middle- to upper-market footwear.
His reasoning was excellent but the stock continued its decline -- perhaps making it more attractive than others. Apparently some other people agreed with Kevin's logic because the stock is up more than 11% today after the company announced that it was putting itself up for sale.
According to the press release announcing the move, Madden has "received inquiries from third parties with respect to an acquisition of the Company and shareholder communications urging that the Company explore alternatives to enhance shareholder value. The Board of Directors has determined to evaluate strategic alternatives available to the Company and, to this end, has formed a Strategic Review Committee..."
The stock looks cheap compared to its peers and the company's efforts to find a sale could yield favorable results for shareholders. If you didn't get into Steve Madden when Kevin first suggested, you may have a terrific opportunity now.
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