MANHATTAN BEACH, Calif. (AP) -- Skechers USA Inc. raised its once-rebuffed buyout offer for Heelys Inc. on Wednesday as the popular sneaker company tried to acquire the maker of wheeled shoes for children.
Skechers offered to acquire Heelys for $5.25 per share, a cash offer it valued at $142.8 million. In late May, the Manhattan Beach-based company offered to buy Heelys for a range of $4.75 and $5.10 per share.
Wednesday's offer, which was announced after the end of trading, represents a 7.8 percent premium over the day's closing price for Dallas-based Heelys.
In a letter to Heelys' board of director, Skechers Chairman and Chief Executive Robert Greenberg said the company would amend its offer to a cash-and-stock transaction if needed and would consider raising its bid even further after it completed due diligence.
"We believe that this price represents a significant value for Heelys' stockholders and acceptance of this proposal is in the best interests of Heelys and its stockholders," Greenberg wrote.
Skechers shares rose 27 cents, or 1.4 percent, to $20.21 in after-hours trading. Heelys shares rose 88 cents, or 18 percent, to $5.75 after the close of trading.