Skechers takeover: Court dismisses lawsuit seeking to block acquisition

The acquisition of footwear supplier Skechers USA Inc. (Skechers) by investment company 3G Capital is moving closer. On Tuesday, trade magazine Women’s Wear Daily (WWD) reported that a Los Angeles court rejected a pension fund's objection.

The Key West Police Officers & Firefighters Retirement Plan (Key West) had sued Skechers and members of the founding Greenberg family, which holds a majority stake in the company. Key West also applied for an injunction to halt the takeover. The pension fund justified this step by stating that the information provided by Skechers and 3G Capital was insufficient.

The responsible court rejected the claims. According to the WWD article, the decision was based on the fact that the plaintiff could not prove that they would suffer “irreparable harm” without an injunction.

Acquisition date pending

3G Capital and Skechers published their takeover agreement in May. The investment firm intends to pay around nine billion dollars for the footwear supplier's shares and delist the company after the transaction is completed.

However, there is still no exact date for the takeover. Although several antitrust approvals have been received, the result of a review by the United States Securities and Exchange Commission (SEC) is still pending, according to the report.

This article was translated to English using an AI tool.

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