Footwear retailer DSW Inc (DSW.N) said it agreed to merge with its largest shareholder Retail Ventures Inc (RVI.N) in an all-stock deal, and raised its full-year outlook. Retail Ventures will become a wholly-owned subsidiary of DSW in a tax-free exchange of shares at an exchange ratio of 0.435 DSW shares per RVI share, DSW said in a statement. The merger eliminates the complexity and public company expenses associated with Retail Ventures, whose only operating business is its 62 percent stake in DSW, the company said.
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