Finish Line acquires Genesco - sportstextiles: Lea SportsTextiles

News

Finish Line acquires Genesco

18/06/2007
 
Management at US-based athletic apparel and footwear retailer The Finish Line, Inc. and footwear, headwear and accessories retailer Genesco Inc. have unanimously approved a merger agreement under which The Finish Line will acquire all of the outstanding common shares of Genesco for $54.50 per share in cash. The total transaction value is approximately $1.5 billion and is expected to be completed by autumn 2007.

The transaction is expected to generate approximately $15 million to $20 million in annual cost savings beginning in the first full year of operations. Genesco will become a subsidiary of The Finish Line and the company will be headquartered in Indianapolis, Indiana, while maintaining Genesco's operations in Nashville, Tennessee. It is subject to approval by Genesco shareholders and the satisfaction of customary closing conditions and regulatory approvals.

The Finish Line will have greater opportunity for future growth with 2,870 retail stores throughout the United States, Canada and Puerto Rico.


Sportstextiles.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.