×
3 582
Fashion Jobs
BURBERRY
Senior Manager Showrooms
Permanent · LONDON
SHISEIDO
Shiseido Account Manager - h Beauty Edinburgh (37.5 Hours)
Permanent · Edinburgh
SHISEIDO
Clé de Peau Beauté Account Manager - h Beauty Edinburgh (37.5)
Permanent · Edinburgh
TJX EUROPE
Merchandising & Buying Placement Programme (2023)
Permanent · Grand Londres
TK MAXX
Loss Prevention Advisor-tk Maxx Balham-Full Time
Permanent · London
TK MAXX
tk Maxx - Loss Prevention Officer - Full Time - Ilford
Permanent · Ilford
MULBERRY
Commercial Finance Manager – UK/ eu Trading & Global Revenue
Permanent ·
UNDER ARMOUR
Stock Teammate, pt (32 Hours)
Permanent · BICESTER
HUGO BOSS UK LTD.
Warehouse Operations Manager
Permanent ·
HUGO BOSS UK LTD.
Finance Analyst - Ecommerce
Permanent ·
HUGO BOSS UK LTD.
Project Coordinator
Permanent ·
NEWELL
Sales Manager (a&c) - Ecommerce
Permanent · LONDON
NEWELL
International Tax Manager Emea
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · HORSHAM
JOHN LEWIS
Loss Prevention Partner
Permanent · HIGH WYCOMBE
FRASERS GROUP
Warehouse Shift Manager - Day Shift
Permanent · SHEFFIELD
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · MACCLESFIELD
FRASERS GROUP
CRM Assistant
Permanent · SHIREBROOK
EVERLAST GYMS
General Manager - Everlast Fitness
Permanent · SOUTHPORT
BOOHOO GROUP
us Compliance Analyst
Permanent · MANCHESTER
HARRODS
Manager - Online Administration And Returns
Permanent · THATCHAM
FARFETCH
Senior Legal Counsel - Commercial
Permanent · LONDON
Ads
By
Reuters
Published
Aug 14, 2008
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Skechers offers to buy Heelys for $142.8 million

By
Reuters
Published
Aug 14, 2008

SAN FRANCISCO (Reuters) - Footwear maker Skechers USA Inc sweetened its offer to buy Heelys Inc , which makes sneakers with a wheel in the heel, on Wednesday, sending up Heelys shares by 13 percent.


www.Skechers.com

In a letter to the Heelys board, Skechers also said it may raise its latest cash bid of $142.8 million, or $5.25 per share, after an examination of Heelys' financial books.

The offer represented a premium of 8.2 percent to Heelys' closing price on Tuesday, Skechers said, and a 21 percent premium to the closing price on May 27.

The proposal was a follow-up to a formal but confidential offer made on May 28, when Skechers proposed a purchase price of between $4.75 and $5.10 a share.

"Given Heelys' failure to provide a positive response to our May 28 proposal, we thought it would be best for both companies, and our respective stockholders, to publicly announce this proposal and our interest in pursuing this transaction," Skechers Chief Executive Robert Greenberg wrote in the letter to Heelys' Chairman Gary Martin.

The two sides have discussed a potential deal since December 2007, Greenberg wrote.

Heelys, based in Dallas, posted net sales of $183.5 million in fiscal 2007. The company, with a market capitalization of about $132.5 million, makes footwear geared to kids and teens.

Manhattan Beach, California-based Skechers, which has a wholesale business as well as retail stores for its trendy shoes, said it would consider a stock-and-cash deal if Heelys considered that more attractive to its shareholders.

Skechers is over five times the size of Heelys in terms of market capitalization. It posted sales of $1.39 billion in fiscal 2007 and sells its shoes in more than 100 countries.

In the May letter, Greenberg wrote that his company was impressed by Heelys' "strong brand and proprietary technology," adding that Skechers had $152.4 million in cash and cash equivalents as of March 31 as well as ready access to third-party financing.

Investment bank Financo has been advising Skechers on the proposal.

Shares of Heelys rose to $5.50 in extended trading from their Nasdaq close of $4.87, up 2 cents.

Skechers shares closed down 3 cents to $19.94 on the New York Stock Exchange.

(Reporting by Alexandria Sage; additional reporting by Karen Jacobs; editing by Jeffrey Benkoe)

© Thomson Reuters 2023 All rights reserved.