Sequential Brands Group Inc Announces Completion Of Merger With Heelys, Inc

Sequential Brands Group Inc announced that it has completed the merger of Heelys, Inc. (Heelys) with and into a subsidiary of Sequential. The Company entered into an agreement and plan of merger dated December 7, 2012 to acquire Heelys subject to certain terms and conditions that have since been fulfilled, and the approval by the Heelys stockholders which was confirmed on January 24, 2013. Sequential acquired all of the outstanding shares of common stock of Heelys for $2.25 per share in cash, or approximately $63 million. On closing, Heelys had approximately $57.5 million in cash. The balance of the purchase price was funded with cash from Sequential.