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