Genesco Inc. (NYSE:GCO) shares moved up $3.42, or 8.64%, to $43.02 today after Women's Wear Daily (WWD) reported that Foot Locker Inc. (NYSE:FL) was preparing a tender offer for Genesco in the $44 to $46 per share range, but could go as high as $48 per share. Citing financial sources close to both firms, the newspaper said that the bid is expected to be announced soon, perhaps as early as this week. Many analysts are saying that this is not an unusual move as the company had expressed interest in the cap business for some time. Genesco shares have not reached the buyout range due to the fact that the company is widely expected to rebuff any offers; however, Genesco shareholders clearly support the prospect of a buyout as they pushed shares up over 8% during today's session. It will be interesting to see just how devoting Foot Locker is to making this deal go through - it is likely that we could see a raised bid after the initial bid is rebuffed. Combined, these factors make GCO a stock that is definitely worth watching!

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