Acquisition of Heelys, Inc. by Sequential Brands Group, Inc. May
Not Be in Heelys' Shareholders' Best Interests
SAN DIEGO and CARROLTON,
Texas, Dec.
12, 2012 /PRNewswire/ -- Shareholder rights attorneys
at Robbins Umeda LLP are investigating possible breaches of
fiduciary duty and other violations of the law by members of the
board of directors of Heelys, Inc. (NASDAQ: HLYS) in connection
with their efforts to sell the company to Sequential Brands Group,
Inc. (OTCBB: SQBG)
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On December 10, 2012, Heelys and
Sequential Brands announced they had entered into a definitive
merger agreement under which Sequential Brands will acquire Heelys
through an all cash tender offer with a total value of $63.2 million. Heelys shareholders will
receive $2.25 per share. The
transaction is expected to close in the first quarter of 2013.
The Board of Directors' Actions May Prevent Heelys
Shareholders from Receiving the Maximum Value for Their
Stock
Robbins Umeda LLP's investigation focuses on whether the board
of directors at Heelys is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders. The
$2.25 per share offer price
represents a premium of only 1.8% based on Heelys' closing price on
December 3, 2012. Further,
Heelys' stock has traded above the offer price less than a month
ago, on November 13, 2012.
Given these facts, the firm is examining whether the board of
directors' decision to sell Heelys for $2.25 per share is fair to
shareholders.
Heelys shareholders have the option to file a class action
lawsuit against the company to secure the best possible price for
shareholders and the disclosure of material information so
shareholders can make an informed decision on whether to tender
their shares in the tender offer. Heelys shareholders interested in
information about their rights and potential remedies can contact
Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsumeda.com, or via the shareholder
information form on the firm's website.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/heelys-inc/
Attorney Advertising.Past results do not guarantee a similar
outcome.
Contact:
Robbins Umeda LLP
Darnell R. Donahue
ddonahue@robbinsumeda.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsumeda.com
SOURCE Robbins Umeda LLP