Foot Locker to remain on negative watch after Finish Line bid for Genesco - S&P |
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Published
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Wed, 20 Jun 2007 07:27
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said today its ratings, including the 'BB+' corporate credit rating, on New York-based retailer Foot Locker Inc remain on negative watch after footwear and accessories company Genesco Inc accepted a rival offer from The Finish Line Inc for 1.53 bln usd.Genesco earlier said specialist athletic retailer Foot Locker's bids were not in the best interests of its shareholders.Foot Locker said last August that it hired Evercore Partners, a financial and restructuring advisory firm, to work with it on a range of matters.S&P said it is concerned that the range of matters for which Evercore Partners was hired could include shareholder-friendly initiatives that could potentially weaken protection measures for bondholders.TFN.newsdesk@thomson.comran/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Foot Locker says no longer pursuing Genesco buy after 51 usd/shr offer rejected 