US: Skechers “disappointed” by Heelys’ bid rejection
Skechers made the offer to buy wheeled footwear producer Heelys last week, valuing the company at $5.25 per share.
That was an improvement on an earlier offer made in May this year, after the companies spent six months in private discussions over the matter.
But Heelys yesterday rejected the bid outright, saying it was not in the interests of the company's shareholders.
It also refused to enter into talks with Skechers on the possible deal.
"We are disappointed in Heelys' response to our proposal," said Robert Greenberg, chairman and CEO of Skechers. "We continue to believe our offer provides a full and fair value to Heelys' stockholders and such a transaction would be in their best interests.
"We are particularly disappointed that, after repeated contacts over several months, Heelys will not agree even to discussions or provide us with an opportunity to conduct due diligence."
Greenberg added that Skechers was still "very interested" in continuing its pursuit of Heelys, hinting that the offer might be improved if justified by information provided during due diligence.
"The company's interest remains genuine and, along with our advisors, we will continue to explore all of our options," he said.
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