Heelys Investors OK $63M Go-Private Sale To Sequential

Law360, New York (January 25, 2013, 4:51 PM EST) -- Footwear-focused holding company Sequential Brands Group Inc. will officially scoop up Heelys Inc. after the floundering shoe maker’s shareholders signed off a $63 million bid from the firm that bested an earlier private equity offer, the pair said Friday.

Investors approved the $2.25-per-share cash offer during a Thursday vote. The purchase price offers a marked premium over the company’s share price before sale plans surfaced, when it hovered below $1.90. The buy also gives Dallas-based Heelys a huge cash boost, with a value more than double...
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