MERGERS & ACQUISITIONS
Tuesday, June 19, 2007; Page D02
MERGERS & ACQUISITIONS
Finish Line to Buy Genesco
Finish Line agreed to pay $1.5 billion for Genesco, which sells shoes, hats and accessories under store names including Journeys, Johnston & Murphy, Underground Station, Hatworld and Lids. Finish Line agreed to pay $54.50 per share, or about 6.8 percent higher than the $51-per-share price offered two weeks ago by Foot Locker, which Genesco rejected.
Lawmakers Question XM Deal
  Finish Line said combined sales are $2.8 billion. (By J.b. Reed -- Bloomberg News) |
Seventy-two members of the U.S. House said in a letter to the Federal Communications Commission, the Justice Department and the Federal Trade Commission that Sirius Satellite Radio's proposed merger with XM Satellite Radio Holdings of the District would have a "devastating" impact on consumers.
"The FCC has never before allowed the only two competitors in a given market to combine, and we would seriously question an FCC decision to start now," said the lawmakers, led by Reps. Gene Green (D-Tex.) and F. James Sensenbrenner Jr. (R-Wis.).
Whole Foods Extends Offer
Whole Foods Market said it extended its offer to buy smaller rival Wild Oats Market to July 20. As of Friday, Whole Foods said, about 58 percent of the outstanding shares of Wild Oats had been offered for purchase.
REGULATORS
Input Sought on New Audit Rules
The Securities and Exchange Commission is seeking input on a new standard for auditing corporate financial-reporting controls, asking whether the approach is clear and focused enough and whether it will reduce costs, especially for smaller public companies.
The standard, adopted by the Public Company Accounting Oversight Board, seeks to streamline annual audits of internal controls used by companies to ensure that their financial reports are accurate. The SEC said it intends to vote on the standard by July 27.
ACCOUNTING
Report on Deloitte Work Released
Deloitte & Touche performed additional audit work for six public-company clients after accounting industry inspectors raised concerns about its work but said the extra effort didn't change Deloitte's conclusions on the firms' finances. The audit firm's comments came in a 2007 inspection report by the Public Company Accounting Oversight Board, which found fault with eight public-company audits by Deloitte.
Deloitte contested inspectors' conclusions in two audits and said it undertook additional work on the remaining six audits.
LEGAL
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