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Sequential Brands
SQBG (“Sequential” or the
“Company”) announced today 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.
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