GO
Loading...

Enter multiple symbols separated by commas

Genesco Rejects Foot Locker's $46 A Share Bid

Specialty footwear retailer Genesco said Monday its board has rejected Foot Locker's unsolicited bid for the company of $46 a share, or $1.2 billion.

Genesco's board, which was advised by Goldman Sachs, said the proposal was "not in the best interests" of the company's shareholders and doesn't reflect Genesco's "strong" market position and growth prospects.

The Nashville company sells shoes under the Johnston & Murphy and Dockers brands, and operates more than 2,000 stores in the U.S. and Canada under such names as Lids, Hat World and Journeys.

Foot Locker , of New York, made its offer on Friday, sending Genesco shares up 15% to $49.98. That was well above its previous 52-week high of $44.18.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.