Been out of the loop for a while, but here goes. Having more of an inside track into footwear [friends who work in the industry] I'd say DECK is heading for rougher waters.
The "poison pill" approach looks like a kneejerk reaction to Thatchers announcement. This is typical of the current President's business methods[or lack of them], and why the company is in trouble now when they should be in pretty good shape.
Relationship with Thatcher-The discussion to get the license renewed has been going on for 2-3 years! Ms. Wilson [Prez] has gotten this "relationship" to an all time low, as well as set direction for Teva that is off base in a big way. Hence Thatchers recent announcement. This isn't BS as I've heard of some of the people being talked to.
Further- '@ 2 more years"- Look at the Teva agreement. If DECK has Quality problems [they do], or delivery issues [ditto], or the biggee @ FINANCIAL issues [not in compliance with bank agreements per last SEC report], Thatcher can bail on this agreement with not much notice.
Last- Brando had it right- These guys have managed to not be able to grow this brand, and to almost kill Simple and UGG in the process. Not a good track record, so I doubt Thatcher feels any great amount of confidence in extending an agreement that has stagnated over the last 3-4 years.
DECK's was great little company. But this place needs a new Prez, [and probably new people at the VP level as well] someone with a good Footwear background, and the ability to give Thatcher some confidence. Along with getting Simple and UGG back on track.[FYR- UGG died from neglect, and Simple is dying from mis-direction in the marketplace] Otherwise, Teva contract is definately history, and soon...................
All for now, but I'll be way over on the sidelines with this stock, until I see some fundamental changes in the business style there. Ciao