The filing argues that Greenberg and family, who control about 60 percent of Skechers’ voting power, have “controlled the sales process to a single bidder and deprived the minority stockholders of any bidding process.”
A pension fund, the Key West Police Officers & Firefighters Retirement Plan, has filed suit in Los Angeles Federal Court against Skechers, according to Reuters and others. The fund is suspicious of Skechers’ proposed acquisition by 3G.
Its filing cites another article by Reuters, which itself cites Tom Nikic, who covers apparel and footwear for Needham & Company. Nikic, Reuters says, finds the deal “very surprising,” sources having claimed that Skecher’s owners – founder Robert Greenberg and his family – had “eschewed an auction because of their long ties to 3G.”
The filing argues further that Greenberg and family, who hold about 60 percent of Skechers’ voting power, have “controlled the sales process to a single bidder and deprived the minority stockholders of any legitimate bidding process.”
The pension fund asks that the deal not be closed before Skechers has made the required disclosures to the US Securities and Exchange Commission (SEC).
