Genesco Sale Approved But Still Uncertain

The sale of Nashville’s oldest publicly-owned company has been approved by its shareholders.

Prior to the vote, Genesco CEO Hal Pennington reiterated what a “yes” vote would mean for the hat and shoe retailer:

“As a result of the merger, Genesco will cease to be an independently traded company and will become a wholly owned subsidiary of Finish Line.”

The proposal passed with three-quarters of the vote at today’s meeting. Shareholders also voted to postpone a decision regarding employee stock until after the buyout is complete.

However, the sale is not done deal. Last week, Finish Line’s bank indicated it might not be willing to provide the financing, after all. UBS wants to comb through Genesco’s financial records to see if the company is worth the 1-point-5-billion dollar sale price. Finish Line had applied for a loan from UBS for just over that amount.