Finish Line Says Genesco in Breach
Nashville, Tenn., The Finish Line Inc. on Monday said it has been working to complete its $1.5 billion takeover of Genesco Inc., but that Genesco has refused to release additional information under the buyout agreement.
Finish Line said in a release that it has complied with its obligations, but that the deal has stalled because of Genesco's failure to release financial documents or provide access to financial officials.
"These failures constitute a breach of the merger agreement, and The Finish Line is today notifying Genesco of same," Finish Line stated.
Genesco on Friday accused Indianapolis-based Finish Line of developing "buyer's remorse" over the deal and filed a lawsuit seeking an order to complete the deal.