Genesco, Inc. (GCO)

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Judge Rules for Genesco in $1.5B Buyout
Friday December 28, 6:43 am ET
By Erik Schelzig, AP Business Writer
Genesco Wins Lawsuit Over Stalled $1.5B Deal; Fraud Claim Denied

NASHVILLE, Tenn. (AP) -- A judge ruled Thursday that Genesco Inc. executives did not commit fraud during negotiations over a $1.5 billion acquisition and that fellow mall retailer The Finish Line Inc. must complete the purchase.

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Nashville Chancellor Ellen Hobbs Lyle dismissed Finish Line's claims that Genesco withheld key financial information that could have signaled worse-than-expected earnings after the deal closed in June.

Lyle said Indianapolis-based Finish Line and investment bank UBS AG were sophisticated enough to know what they were getting into with the $54.50-per-share purchase.