Finish Line responded today to a suit filed by Genesco on Friday by asserting that it has, in fact, completed its obligations under the terms of the 2 companies' merger deal. Finish Line added that Genesco has as yet failed to comply with Finish Line's request for financial information, including access to the firm's CFO and financial staff, which constitutes a breach of the agreement.
In a statement, Finish Line said, We regret that Genesco has chosen to initiate litigation. We are reviewing the Genesco lawsuit and will take the necessary steps to protect the interests of The Finish Line and its shareholders.
After finishing fractionally lower on Friday, the shares of Finish Line are up 1.5% in early-morning trading. The stock has performed abysmally in recent months, having beat a steady path south since mid-June, but option traders are pulling for the retailer. Its Schaeffer's put/call open interest ratio of 0.5 indicates that calls double puts among near-term options.