INDIANAPOLIS-The Finish Line Inc.'s June 17 agreement to buyGenesco Inc. for approximately $1.5 billion has hit a roadbump.Nashville, TN-based Genesco filed suit in Chancery Court inTennessee on Sept. 21, charging the buyer, locally based FinishLine, with “buyer's remorse.”
Finish Line fired back in a statement, saying it has compliedwith its obligations under the merger agreement. It has askedGenesco for certain financial information and access to theseller's chief financial officer and financial staff. In thestatement, Finish Line says Genesco has refused to comply with therequests.
The failures, according to the statement “constitute a breach ofthe merger agreement.” Calling Genesco's lawsuit regrettable, thestatement says Finish Line is reviewing the lawsuit and will takesteps to protect the company's and its shareholders' interests.
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