Genesco for sale after rejecting Foot Locker bid

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.