Monday, April 23, 2007

Genesco Tell Foot Locker to Back the Eff Off

Oh happy day. The news from the wire today is that Genesco rejected Foot Locker's buy out bid. I guess Genesco's CEO didn't appreciate being called out on the carpet (Genesco ignored Foot Locker's initial behind-the-scenes offer so Foot Locker CEO Matt Serra decided to go straight to the stockholders) by Foot Locker's CEO and he let him know what's what.

Here's the money quote, nice and simple:

Genesco said that after careful consideration, its board unanimously determined that Foot Locker's $46.00 per share cash proposal is not in the best interests of shareholders.

I said before that I thought this was a bad idea for all parties so I am pleased as all get out that Genesco threw up a Ben Wallace style block.


How to start a clothing line said...

what exactly is genesco? a manufacturer or shoe company or what?

Lois said...

Genesco is mostly a retailer. Its most famous stores are Journeys and Underground Station. It also does some manufacturing, too, but off the top of my head, I can't remember its brand....Dockers maybe?