Footwear and accessories company Steven Madden is to buy 2.6m of the company's shares at the conclusion of what it has called its "Dutch auction" tender offer.

Steven Madden is to pay US$17.00 per share in an acquisition totalling $44.2m.

The 2.6m shares represent about 12.9% of outstanding shares, the company added. The modified Dutch Auction offer expired at midnight on 18 March.