A shareholder in Skechers USA has filed suit in the US District Court for the Central District of California, seeking to block the footwear giant’s $9.4bn take-private transaction with 3G Capital until further disclosures are made, according to a report by Reuters.
The lawsuit, brought by the Key West Police Officers & Firefighters Retirement Plan, alleges that Skechers founder Robert Greenberg and his family, who control approximately 60% of the company’s voting power, orchestrated a one-party sale process that favoured 3G Capital and denied minority shareholders the benefit of a competitive auction.
The complaint argues that shareholders have been left in the dark regarding key details necessary to assess the fairness of the transaction.
The deal, which values Skechers at $63 per share in cash – a 20% discount to its 52-week high of $78.82 – has drawn scrutiny from analysts, including Needham’s Tom Nikic, who characterised the transaction as “very surprising” given Skechers’ reputation as a tightly held family business.
Industry sources cited in media reports suggest the Greenberg family opted against a broader auction process due to longstanding ties with the Brazil-based private equity group.
Greenberg, 85, stands to realise over $1bn from the deal, according to regulatory filings. The transaction is expected to close in Q3, pending customary approvals.
Skechers, the world’s third-largest footwear brand, has faced recent headwinds, including supply chain disruptions and tariff pressures. The company withdrew its full-year guidance earlier this year, citing macroeconomic uncertainty.
3G Capital, renowned for its aggressive cost-cutting approach at portfolio companies such as AB InBev and Kraft Heinz, is expected to bring similar operational discipline to the Manhattan Beach-based footwear firm.
As is common in US M&A transactions, shareholder lawsuits seeking enhanced disclosures are frequent and often conclude with negotiated settlements or modest financial remedies.
