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Merger Agreement RejectedNashville, TN: (Mar-03-08) Genesco, Inc., Finish Line and UBS Financing have been embroiled in a legal battle related to the proposed merger of Finish Line and Genesco. Company sources announced that the parties had reached a deal regarding the settlement of all litigation among the parties relating to the proposed merger. Under the terms of the settlement agreement, the merger agreement between Genesco and Finish Line will be terminated as will the financing commitment from UBS to Finish Line. UBS and Finish Line agreed to pay Genesco an aggregate of $175 million in cash along with a number of Class A shares of Finish Line common stock.
Records stated that earlier, in June 2007, Genesco and Finish Line agreed to be merged for $54.50 per share in cash, beating a $51.00 per share offer made by Foot Locker Inc. Finish Line was expected to finance the transaction through UBS Finance, which provided a commitment letter to fund the transaction. In August 2007, Finish Line stated that it would evaluate its options with regard to the terms of the proposed merger agreement with Genesco. In September, Finish Line received a request from UBS Loan Finance LLC and UBS Securities LLC for additional financial and other information regarding Genesco. A lawsuit was filed by Genesco against Finish Line to proceed with the merger agreement. [TRADING MARKETS: GENESCO AND FINISH LINE MERGER REJECTED]
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