Genesco to review strategic alternatives, company rejects Foot Locker proposal

By Lisa Kerner

Charlotte, N.C., May 31 - Genesco Inc.'s board of directors authorized the company to explore strategic alternatives, including a possible sale of the company.

The board unanimously rejected a $51.00 per share cash offer from Foot Locker, Inc. last week after concluding it was not in the best interests of the company's shareholders.

Foot Locker has since declined to participate in Genesco's strategic review process, according to a company news release.

Genesco is being advised by Goldman, Sachs & Co. and Bass, Berry & Sims plc.

The Nashville-based specialty retailer sells footwear, headwear and accessories in more than 2,050 retail stores under the names Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone and others.

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