Heelys (HLYS) Buyout Shareholder Lawsuit
Heelys (HLYS) Merger Summary
On December 10, 2012, Heelys announced that it had entered into an agreement to be acquired by Sequential Brands Group, Inc. in a transaction valued at approximately $63.2 million. Under the terms of the agreement, Heelys’ shareholders will receive $2.25 in cash for each share of Heelys stock owned. Heelys’ Board of Directors has unanimously approved the proposed deal which is expected to close in the first half of 2013.
Heelys Merger Disclosure Raises Questions for HLYS Shareholders
Is $2.25 fair value of Heelys shareholders? A reasonable question given that Heelys was originally offered an asset buyout from he The Evergreen Group Ventures in late October, 2012.
Have Heelys board members complied with all duties owed to Heelys shareholders? A fair question again given that Capital Southwest Venture Corporation and another stockholder of the Heelys, who collectively hold approximately 35.1% of the issued and outstanding shares of the HLYS common stock, have entered into voting agreements with Sequential pursuant to which they have agreed, among other things, to vote their shares in favor of the merger.
Heelys (HLYS) Merger Shareholder Investigation
We are investigating whether the proposed transaction is fair to Heelys shareholders. The investigation concerns whether the HLYS board of directors’ process for consideration of the proposed transaction was adequate, whether Heelys is acting in its shareholders’ best interests and whether the proposed share price to be paid to Heelys shareholders is fair and adequate. If you own the common stock of Heelys and if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please fill out the contact form on this web page or call Attorney George Pressly at Morgan & Morgan toll free at 1 (800) 631-6234.
HLYS Shareholder Submission Form