Genesco rejects sweetened 51 usd/shr bid from Foot Locker; mulls possible sale |
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Thu, 31 May 2007 12:59
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LONDON (Thomson Financial) - Genesco Inc said it has rejected a sweetened 51 usd a share bid from Foot Locker Inc, and that its board has instructed advisors to explore strategic alternatives to enhance shareholder value, including possibly selling the firm.Last Thursday, Genesco received the 51 usd/share conditional cash bid from Foot Locker, but, after consultation, rejected it as 'not in the best interests of the company's shareholders', Genesco said in a statement.It said there was no assurance the exploration of strategic alternatives would lead to a transaction.On April 23, it was reported that Genesco had rejected a 1.2 bln usd takeover, which was a 46 usd a share.If Foot Locker's approach had succeeded, it would have united its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports and Footquarters chains with Genesco's Journeys, Lids, Hat World and Underground Station brands.Goldman, Sachs & Co is financial adviser to Genescotf.TFN-Europe_newsdesk@thomson.comamCOPYRIGHTCopyright 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 makes $1.2B bid for Genesco 