Fairview Capital Investment Management LLC, beneficial owner of 2.6 per cent of shares outstanding of footwear group Saucony Inc, says it plans to vote against the proposal to sell Saucony to Stride Rite Corporation because the $23-per-share sale price is inadequate.

Fairview said it is against the deal, as company shareholders will receive "zero control premium and none of the projected cost-savings synergies." The shareholder also cited Saucony's significant insider ownership and dual-class share structure as well as a lack of an independent committee in the strategic review as reasons.

Fairview is also against the proposed executive benefits payments of $26 a share for Saucony's president and chief executive John Fisher and Saucony executive vice president, business development, Charles Gottesman.

Stride Rite, a designer and marketer of footwear, agreed to acquire Saucony for $23 a share on 2 June.