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.