Skechers calls offer for Heelys fair, says due diligence could lead to a refined proposal

By Lisa Kerner

Charlotte, N.C., Aug. 21 - Skechers USA Inc. said it was disappointed that Heelys, Inc. rejected Skechers' proposal to acquire the company for $5.25 per share, or a total of $142.8 million.

"We continue to believe our offer provides a full and fair value to Heelys' stockholders and such a transaction would be in their best interests," Skechers chairman and chief executive officer Robert Greenberg said in a statement released on Thursday.

"We are particularly disappointed that, after repeated contacts over several months, Heelys will not agree even to discussions or provide us with an opportunity to conduct due diligence," Greenberg added.

According to Greenberg, Skechers may be prepared to refine its proposal "if additional value can be identified during the due diligence."

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

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.