On March 20, 2026, Dillard's, Inc. announced that it has entered into a definitive merger agreement with W.D. Company, Inc. (WDC), a privately held Arkansas corporation. The merger will see WDC merge with and into Dillard's, with Dillard's as the surviving entity. The agreement was unanimously approved by Dillard's Board of Directors, following a recommendation from a special committee of independent directors. WDC primarily holds shares of Dillard's common stock for the benefit of the Dillard family and has no significant business operations of its own.

Under the terms of the merger agreement, shareholders of WDC will receive a combination of Dillard's Class A and Class B common stock, as well as cash equivalent to WDC's cash and cash equivalents at the time of closing. The merger is subject to several conditions, including obtaining requisite shareholder approval from both Dillard's and WDC shareholders, as well as necessary regulatory approvals. Dillard's intends to seek this approval at its upcoming annual meeting scheduled for May 28, 2026.

The merger is expected to have a neutral to slightly positive impact on Dillard's stock price, as it consolidates ownership and simplifies the capital structure. The transaction is not anticipated to dilute existing shareholders significantly, as the number of shares exchanged will correspond closely to those currently held by WDC. Furthermore, the merger is expected to enhance operational efficiencies and streamline governance, aligning with Dillard's strategic objectives.

Dillard's management has expressed confidence in the merger's potential to strengthen the company's market position and enhance shareholder value. The company will continue to provide updates as the transaction progresses and as further details are finalized in the lead-up to the shareholder meeting.

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