Heelys rises 11% on Skecher buyout bid
Shares of Heelys Inc. (Nasdaq:HLYS) got an 11% boost this morning after Skechers USA Inc. (NYSE:SKX) revealed late Wednesday that it had proposed to acquire Heelys for $142.8 million, or $5.25 a share.
In a letter to Heelys chairman Gary Martin, Skechers chief executive Robert Greenberg said his specialty footwear retailer has been “impressed by Heelys' strong brand and proprietary technology.”
Carrollton, Texas-based Heelys manufactures wheeled footwear.
Manhattan Beach, Calif.-based Skechers first brought up potentially buying Heelys on May 28 but says Heelys didn’t provide the requested diligence items.
By mid-morning, Heelys’ stock is at $5.41, up from Wednesday’s close of $4.87. Shares have ranged between $3.86 and $10.80 during the past 52 weeks.
For detailed price information and news stories on Heelys, click HLYS.
