Management at The Finish Line, Inc. and Genesco Inc. have unanimously approved a merger agreement under which The Finish Line will acquire all of the outstanding common shares of Genesco for $54.50 per share in cash. The total transaction value is approximately $1.5 billion and is expected to be completed by autumn 2007.

The transaction is expected to generate approximately $15 million to $20 million in annual cost savings beginning in the first full year of operations. Genesco will become a subsidiary of The Finish Line and the company will be headquartered in Indianapolis, Indiana, while maintaining Genesco's operations in Nashville, Tennessee. The deal is subject to approval by Genesco shareholders and the satisfaction of customary closing conditions and regulatory approvals.