Heelys rejects Skechers' $5.25-per-share offer

By Lisa Kerner

Charlotte, N.C., Aug. 19 - Heelys, Inc. said its board of directors rejected Skechers USA Inc.'s unsolicited proposal to acquire all of the company's outstanding shares for $5.25 per share, or $142.8 million, it was announced on Tuesday.

"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," board chairman Gary Martin said in a Heelys news release.

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.

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