Foot Locker says no longer pursuing Genesco buy after 51 usd/shr offer rejected |
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Published
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Thu, 31 May 2007 16:54
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LONDON (Thomson Financial) - Foot Locker Inc said it is no longer pursuing its proposal to acquire Genesco Inc after that firm today rejected its sweetened 51 usd a share cash bid.In refusing the bid, Genesco said earlier today it had instructed its advisors to explore strategic alternatives to enhance shareholder value, including possibly selling the company.Genesco said specialist athletic retailer Foot Locker's bid was not in the best interests of its shareholders.In response, Foot Locker said in a statement that: 'In light of Genesco's public release this morning, Foot Locker announced that it was no longer pursuing its proposal.'On April 23, it was reported that Genesco had rejected a 1.2 bln usd takeover play -- at 46 usd a share -- from Foot Locker.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.tf.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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