Skechers USA Inc. has issued a statement in response to Heelys’ rejection of Skechers’ proposal to enter into discussions regarding a business combination.
 
“We are disappointed in Heelys’ response to our proposal. 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. We do not believe that such a refusal is in the best interests of Heelys’ stockholders. We are very interested in continuing our dialogue and, as discussed in Skechers’ letter of August 13, we may also be prepared to refine our proposal if additional value can be identified during the due diligence. The company’s interest remains genuine and along with our advisors, we will continue to explore all of our options,” stated Robert Greenberg, chairman and CEO of Skechers.


On August 13, 2008, Skechers announced a proposal to acquire all the outstanding shares of Heelys Inc.’s common stock for $5.25 per share, or an aggregate of $142.8 million, representing 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. This proposal follows a proposal made by Skechers to Heelys on May 28, 2008.