Genesco's Board of Directors has authorized the company and its advisers to explore strategic alternatives which maximize shareholder value, including a possible sale of the company. The company also received a conditional proposal from Foot Locker to acquire all outstanding common stock for $51.00 per share in cash, subject to due diligence. In consultation with its financial adviser, Goldman Sachs & Co., the Board of Directors considered the proposal and, following a thorough review, unanimously rejected the proposal having concluded that it was not in the best interests of the company's shareholders.
The Board of Directors of Genesco invited Foot Locker to participate in the company's process on the same terms as other interested parties to date, but Foot Locker has declined to do so.
Going forward, the Board of Directors will work together with the company's management team and its legal and financial advisers to evaluate the company's available alternatives and determine the course of action it believes is in the best interests of all its shareholders.
In making the announcement, the company stated that there can be no assurance that the exploration of strategic alternatives will result in any transaction. The company undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives unless and until a final decision is made.
Goldman, Sachs & Co. is acting as financial adviser to Genesco and Bass, Berry & Sims PLC is acting as legal adviser.
