Finish Line Reviewing Genesco Lawsuit
Indianapolis, The Finish Line Inc. said Monday it is reviewing a lawsuit filed by Genesco Inc., which accuses the company of trying to back out of a $1.5 billion buyout deal, according to the Associated Press.
The lawsuit, filed Friday, seeks to enforce Finish Line's agreement with investment bank UBS AG to finance most of the deal to buy Genesco for $54.50 per share. Genesco is accusing Finish Line of developing “buyer's remorse,” the report said.
Finish Line said Monday it has complied with its obligations and continues to work on the closing documents. But, the deal stalled when Genesco denied Finish Line financial information and access to the company's CFO and financial staff.
Last week, UBS said it had stopped processing the closing documents and asked for additional information about Genesco's finances because of concerns about the company's financial performance since the deal was struck in June.