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Genesco (NYSE: GCO) closed at $33.06 Thursday, Finish Line (NASDAQ: FINL) closed near an eleven-year low of $3.05.
The chancery court in Nashville, Tennessee found that GCO did not commit fraud in the sale of the company to FINL, and ruled FINL to proceed with the acquisition of GCO.
FINL, with a market cap of $145 million, announced on June 18, 2007 the acquisition of all of GCO outstanding shares for $54.50 in cash.
Goldman Sachs says: "Litigation surrounding the transaction is far from over and completion of the transaction remains uncertain."
GCO overall option implied volatility of 102 is above its 26-week average of 36 according to Track Data, suggesting larger risk.
FINL overall option implied volatility of 155 is above its 26-week average of 85 according to Track Data, suggesting larger risk.
Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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