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Heelys rejects Skechers bid

August 20, 2008|From Times Wire Services

Heelys Inc.'s board rejected Skechers USA Inc.'s offer to buy the company for $142.8 million.

The offering price of $5.25 a share "does not reflect the value of Heelys," the Carrollton, Texas, company said.

Skechers, based in Manhattan Beach, made its unsolicited bid for the company Aug. 13.

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