Acquisition of Heelys, Inc. by Sequential Brands Group, Inc. May Not Be in Heelys’ Shareholders’ Best Interests
Robbins Umeda LLP is 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)
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 who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Darnell R. Donahue at (800) 350-6003.