A Skechers USA shareholder has initiated legal action demanding further clarity on the company’s impending $9.4bn acquisition by private equity company 3G Capital.
The lawsuit, filed in a Los Angeles federal court, questions the fairness of the buyout process and seeks additional disclosures, as reported by Reuters.
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The plaintiff, the Key West Police Officers & Firefighters Retirement Plan based in Florida, alleges that Skechers’ founder Robert Greenberg and his family, who control approximately 60% of the company’s voting power, may have restricted the sale to a single bidder, potentially disadvantaging minority shareholders.
The complaint suggests the Greenbergs directed the sale process, bypassing what could have been a competitive bidding environment. This action has raised concerns among investors, with the lawsuit insisting that Skechers should not finalise the buyout until it provides necessary information to the US Securities and Exchange Commission (SEC).
Sources have indicated that the Greenbergs’ long-standing relationship with 3G Capital might have influenced their decision to avoid an auction.
Skechers, renowned for its emphasis on comfortable footwear, is the third-largest shoe manufacturer globally. The company’s spokesperson, Jennifer Clay, has not commented on the issue.
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By GlobalDataIt is not uncommon for large-scale corporate mergers in the US to face legal challenges. Such lawsuits frequently conclude with the companies involved making additional disclosures and sometimes compensating the plaintiffs’ legal fees, though actual monetary gains for plaintiffs are often negligible.
According to regulatory filings, 85-year-old Greenberg stands to receive more than $1bn from the buyout, which will be completed in the third quarter of 2025. The acquisition price of $63 per share represents a 20% decrease from Skechers’ 52-week high.
Skechers, like other shoe companies such as Nike, is under pressure due to the tariffs implemented by US President Donald Trump. Many of the company’s products are manufactured in China, leading Skechers to withdraw its full-year financial forecast in April 2025.
