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.