Genesco BOD responds to Foot Locker acquisition proposal
24 Apr '07
1 min read
Genesco Inc announced that its Board of Directors rejected Foot Locker Inc's unsolicited proposal to acquire all of the outstanding shares of the Company for $46.00 per share in cash.
After careful consideration, the Board of Directors, in consultation with its financial advisor, Goldman, Sachs & Co, and with the assistance of its legal advisor, Bass, Berry & Sims PLC, unanimously determined that the $46.00 per share cash proposal is not in the best interests of the Company's shareholders.
"Our Board unanimously rejected the proposal and concluded that it did not reflect the long-term value of Genesco, including its strong market position and future growth prospects," said Hal N. Pennington, Chairman and Chief Executive Officer of Genesco Inc.
The Board's unanimous decision was communicated pursuant to the attached letter.
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