Finish Line to Acquire Retailer Genesco

Footwear and hat retailer Genesco Inc. has agreed to be acquired by Finish Line Inc. for about $1.46 billion in cash, the U.S. companies announced.

Finish Line agreed to pay $54.50 per share, about 10 percent above Genesco’s closing price Friday, Bizjournals.com reported Monday.

Following a review of our strategic alternatives, we believe that this combination is in the best interests of our shareholders, Genesco Chief Executive Officer Hal Pennington said.

Genesco said it would become a subsidiary of Finish Line but would maintain its own operations in Nashville.

The Finish Line, headquartered in Indianapolis, says the transaction will boost its position as an athletic and apparel retailer.

If the acquisition goes through, The Finish Line’s combined portfolio will include Finish Line, Man Alive and Paiva as well as Journeys, Journeys Kids, Shi by Journeys, Underground Station, Jarman, Johnston & Murphy, Hat World, Lids, Hat Shack, Hat Zone, Head Quarters, Cap Connection and Lids Kids.