Heelys Abandons PE Sale Plan After $63M Sequential Offer

Law360, New York (December 10, 2012, 1:08 PM EST) -- Heelys Inc., the maker of wheeled sneakers that became famous several years ago, scrapped an earlier private equity bid in favor of a more lucrative $63.2 million sale to Sequential Brands Group Inc., the company said Monday.

Under the latest terms, Heelys investors will receive $2.25 per share in cash, a steep increase over the company's share price before any hint of a sale, when it lingered below $1.90.

After receiving Sequential's bid, Heelys' board flipped on a previously approved $13.9 million sale to Evergreen Group...
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