Genesco rejects Foot Locker`s takeover bid
Genesco Inc. has rejected Foot Locker Inc.`s unsolicited proposal to acquire all of the outstanding shares of the company for $46 a share in cash.
"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," Hal N. Pennington, chairman and CEO of Genesco, said in a statement. Foot Locker, No.44 in the Internet Retailer Top 500 Guide, made its bid April 4 for Genesco, No. 331 in the Internet Retailer Top 500 Guide.
Genesco sells footwear, headwear and accessories in more than 2,000 stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Cap Factory, Head Quarters and Cap Connection. Its webs sits are Journeys.com, JourneysKidz.com, UndergroundStation.com, JohnstonMurphy.com, Lids.com, HatWorld.com, and Lidscyo.com.
Foot Locker sells online at FootLocker.com, WorldFootLocker.com, LadyFootLocker.com, KidsFootLocker.com, EastBay.com, FootAction.com and ChampsSports.com.
FootLocker.com’s Tim Wolfe, web applications manager, is speaking at Internet Retailer Conference & Exhibition, June 4-7 in San Jose, in a Site Design Workshop session June 7 entitled Search & Destroy: Removing Obstacles to Site Effectiveness.
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