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BREAKING: Finish Line agrees to buy Hat World parent

June 18, 2007
Indianapolis-based The Finish Line Inc. today said it has agreed to buy Hat World Inc. parent Genesco Inc. for $54.50 a share in cash, or about $1.5 billion. The price represents a 37.7-percent premium over Genesco's share price. The deal is expected to close in the fall.

In May, Nashvil
le, Tenn.-based Genesco, said its board authorized exploring the idea of a possible sale after rejecting an offer of $51 a share, or $1.3 billion, in cash from Foot Locker Inc. A month earlier, Genesco, the parent of Indianapolis-based Hat World, rejected an initial unsolicited offer of $46 a share, or $1.2 billion, from the New York shoe retailer.

Hat World was founded in Lafayette by former Foot Locker managers and quickly moved to Indianapolis. Genesco bought Hat World for $165 million in 2004.

This story will be updated.
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