The Finish Line Inc. said Thursday its lenders will
extend the termination date for financing the retailer's proposed $1.5 billion
takeover of Genesco Inc. UBS Loan Finance LLC and UBS Securities LLC extended
the termination date to April 30, 2008, from the previous expiration date of
Dec. 31, 2007. The Finish Line said all other terms in the commitment letter
remain the same.
The Finish Line, which in June agreed to buy Genesco,
had previously complained that GCO breached the merger agreement by not
providing financial data or access to executives. Last month The Finish Line
said it asked a
Tennessee
court to force Genesco to provide information related to their proposed merger
or else rule that a materially adverse event had occurred following GCOs
poor second quarter performance. Genesco in turn filed a lawsuit to force The
Finish Line to close the $54.50-per-share deal.
Earlier in the week, the first court hearing in the
lawsuit was delayed over issues concerning UBS AG and whether or not the bank
will agree to try the case in
Nashville
.
UBS' agreement with The Finish Line limited all legal proceedings to
New York
.
