Skechers (SKX) is facing a higher proposed settlement as the fight over 3G Capital's $9.4 billion buyout continues to move through Delaware. The company proposed resolving the investor lawsuit for $65 per share in April, according to people familiar with the matter, marking a $2 per share increase above the $63 per share paid by 3G when the deal closed in September. The revised proposal also came in above the $64 per share offer discussed last year, before settlement talks failed. Spokespeople for Skechers and 3G declined to comment.

The case could become one of the largest appraisal disputes in Delaware history, with original investors challenging the deal price holding $1.3 billion worth of shares. Hedge funds and other investment firms have used an appraisal arbitrage strategy, buying shares after the deal announcement and objecting in hopes that a judge may assign a higher value. That strategy had lost momentum in Delaware after unfavorable rulings from the state's top business court, but it has recently seen renewed interest as investment firms focus on large buyouts they view as conflicted.

The investor pushback is tied to claims that founder Robert Greenberg and his son entered an unfair deal during the market chaos following President Donald Trump's April 2, 2025 tariff announcements, which hit Skechers' share price as the company makes a substantial number of shoes in China and Vietnam. The Greenberg family, which held approximately 60% of the voting power, approved the deal the following month without a minority shareholder vote, according to plaintiff court records. Skechers has already reached at least one settlement, with Delaware Chancellor Kathaleen St. J. McCormick approving a resolution with Hudson Bay Capital Management and dismissing the hedge fund from the case, though the terms were not disclosed.