Genesco for sale after rejecting Foot Locker bid

Share this article:

Multichannel footwear retailer Genesco Inc. has rejected Foot Locker Inc.'s latest unsolicited buyout offer and decided to explore strategic alternatives, including a possible sale of the company.

Genesco said it received an offer a few days ago from Foot Locker to acquire all of the company's outstanding stock for $51 a share in cash. In April, Foot Locker offered Genesco $46 a share.

The board of directors unanimously rejected last month's offer after consulting with its financial advisor, Goldman Sachs & Co., having concluded that it was not in the best interests of the company's shareholders.

Genesco invited Foot Locker to participate with other parties in the bidding process, but Foot Locker declined, according to Genesco.

Genesco, Nashville, TN, sells footwear, headwear and accessories in more than 2,050 retail stores in the United States and Canada under such brand names as Journeys, Johnston & Murphy and Lids.

Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Pet World's Multichannel Marketing Is a Whole Other Animal

Pet World's Multichannel Marketing Is a Whole Other ...

The family owned pet store redesigns its website to bring the in-store experience online.

Complexity's What Marketers Got, Simplicity's What They Want

Complexity's What Marketers Got, Simplicity's What They Want

Customer insights managers want campaign management tools to remain easy to use, even as they up their games with multi-layered campaigns.

Wine.com Uncorks New Digital Marketing Opportunities

Wine.com Uncorks New Digital Marketing Opportunities

The online wine retailer's strategy incorporates different flavors and depths.