Heelys Tells Skechers to Take Its $143 Mil Offer and Roll On Outta Here
Last week, we noted that Skechers USA Inc. offered Heelys $143 million, or around $5.25 a share, for the Carrollton-based maker's complete inventory of head-cracking roller-skate-sneakers. Well, today comes word that, yet again, Heelys is gonna have to pass, thank you very much.
Says Gary Martin, Heelys' chairman, "After careful consideration, our Board rejected the offer after concluding that their proposal was not in the best interest of our stockholders. The Board believes the $5.25 offering price does not reflect the value of Heelys and that entering into discussions with Skechers based on their unsolicited proposal is premature at this time." At this moment, Heelys' stock sits at $5.30 -- its price at this morning's opening bell. --Robert Wilonsky
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