Shares of footwear companies Skechers USA Inc. and Genesco Inc. rose yesterday, following a published report that they are being targeted by a buyout firm to take them private in two separate deals.
The plan is to combine the companies, after the deals are completed.
The buyout firm is possibly Kohlberg Kravis Roberts & Co., according to industry trade paper Women's Wear Daily, which cited anonymous sources. The acquisition price could not be determined.
Officials at Skechers did not immediately return phone calls. Both David Lilly, a spokesman for KKR, and Claire McCall, a spokeswoman at Genesco, declined to comment.
Shares of Skechers rose more than 9 percent, or $2.97, to $34.11, while shares of Genesco rose more than 3 percent, or $1.60, to $51.47.
Genesco, an accessories and footwear company, has retail brands such as Journeys and Hat World in its repertoire as well as Dockers Footwear.
Skechers markets a variety of men's, women's and children's casual footwear.
On April 23, Genesco formally rejected Foot Locker Inc.'s $1.2 billion takeover offer for all outstanding shares of the company.
But Foot Locker at the time said it isn't ruling out the possibility of raising its bid for its footwear and accessories rival.
Reprinted from New York Post
Our take on this news: KKR is undoubtably the best private equity firm in the business. With 30 years of sucessfully buying out companies and more often than not, making its investors a great deal of money. Sounds like another KKR winner.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment