Now HLYS want to look into strategic alternatives. I sure hope SKX stays far away or buys them for much less than their previous offer. Much in the macro economic picture has soured since then. Nobody else has cash to buy them anyhow and their results are not about to take off so I hope SKX doesn't do anything hastily.
Thursday, November 6, 2008 - 10:29 AM PST Heelys explores strategic optionsLos Angeles Business from bizjournals - from the Dallas Business Journal Print Email Reprints RSS Feeds Add to Del.icio.us Digg This CommentsRelated News Skechers shoe store coming to Prime Outlets Heelys to Skechers: Not interested Long-empty Union Square site to be a Skechers store Skechers continues pursuit of Heelys Under Armour retail push ups competition with Nike Wheeled-footwear maker Heelys Inc. is exploring strategic options to enhance shareholder value and has hired investment bank Houlihan Lokey to help the company investigate these options.
Carrollton, Texas-based Heelys (NASDAQ: HLYS) did not specify whether these options include the sale of the company, but say there is no assurance the exploration will result in any changes to the company’s current business plans.
“We believe that management is making progress on restoring the company’s business to profitability,” said Gary Martin, chairman of the board of Heelys Inc.
Earlier this year, Heelys rejected an unsolicited proposal to buy the company from Manhattan Beach-based Skechers (NYSE: SKX) for $5.25 per share, or $142.8 million.
At the time, Martin said the proposal was rejected by the board after they concluded it was not in the best interest of the company’s stockholders.