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
Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.