Heelys Directors Sued Over 'Unfair' $63M Buyout Price

Law360, Wilmington (December 14, 2012, 8:59 PM EST) -- A Heelys Inc. investor launched a putative class action against the wheeled shoemaker's directors Friday, claiming the newly accepted $63.2 million buyout offer from Sequential Brands Group Inc. saddles shareholders with a $2.7 million termination fee for what is still an inadequate deal.

Filed in Delaware Chancery Court by Edward Turon, the complaint claims Heelys' directors made a hash of the sales process by first accepting an unfair offer from a private equity group, then switching horses in favor of Sequential, a move that triggers the...
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