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SKECHERS delivers acquisition proposal to Heelys
Aug '08
Skechers USA Inc, the California-based specialty footwear retailer, announced that it had made an acquisition proposal to acquire Heelys Inc for $5.25 per share in cash, or an aggregate of $142.8 million, based upon the number of fully-diluted shares of Heelys common stock outstanding as set forth in Heelys' SEC filings, subject to certain terms and conditions.

The proposal came in a letter, dated August 13, 2008, that Robert Greenberg, Chairman and Chief Executive Officer of Skechers sent to Gary Martin, Chairman of the Board of Directors of Heelys.

This proposal, which follows a proposal made by Skechers to Heelys on May 28, 2008, provides to Heelys' stockholders an 8.2% premium to the closing price of its common shares on August 12, 2008 and a 31.0% premium to the closing price of its common shares, net of the cash and cash equivalents that the Company reported, as of June 30, 2008.

The full text of both letters is attached:

Skechers USA Inc

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