Skechers ups offer for Heelys to $142.8 million, or $5.25 per share

By Lisa Kerner

Charlotte, N.C., Aug. 13 - Skechers USA Inc. offered to acquire Heelys, Inc. for $5.25 per share in cash, or a total of $142.8 million, it was announced on Wednesday, marking an increase to its previous offers for the company.

The per-share offer price is an 8.2% premium to Heelys' closing price on Aug. 12 and a 31.0% premium to the closing price of its common shares, net of the cash and cash equivalents as of June 30, a Skechers news release said.

Heelys' board of directors declined Skechers' offer to buy the company in May for between $4.75 and $5.10 per share.

Skechers is a Manhattan Beach, Calif., footwear company. Heelys is a Carrollton, Texas, sports products and footwear company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.