Skechers Offers to Acquire Heelys

 

Skechers (SKX) said it has being trying to acquire fellow shoe maker Heelys (HLYS) for months, and now the company is going public with its proposal.

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After Wednesday's close, Skechers said it would pay nearly $143 million, or $5.25 a share in cash, for each share of Heelys. Skechers said the offer would give Heelys' stockholders an 8.2% premium to the closing price of the company's shares on Aug. 12.

Following the announcement, shares of Heelys jumped 19% to $5.80. Skechers rose 1.4% to $20.21.

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