The takeover of the Skecher USA Inc. shoe provider by the investment company 3G Capital is closer. On Tuesday, the specialist magazine Women’s Wear Daily (WWD) reported that a court in Los Angeles rejected a pension fund.
Accordingly, the Key West Police Officers & Firefighters Retirement Plan (Key West) had sued the company Skechers and members of the Greenberg founding family, which holds a share of shares in the company, and also applied for an injunction to stop the assumption. The pension fund had justified this step by the fact that the information provided by Skechers and 3G Capital was not sufficient.
The responsible court now rejected the claims. According to the WWD article, the decision was based on the fact that the plaintiff could not prove that he would threaten him without an injunction.
An appointment for the takeover is still pending
3G Capital and Skechers published their takeover agreement in May. Accordingly, the investment company wants to pay around nine billion US dollars for the shares of the shoe provider and take the company off the stock exchange after completing the transaction.
However, there is still no precise date for the implementation of the takeover. There are several competition law permits, but according to the report, the result of an examination by the United States Securities and Exchange Commission (SEC) is still available.