Heelys -- Upcoming IPO Message Board

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Technology Stocks : Heelys -- Upcoming IPO

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To: Green Receipt who wrote (3)	1/26/2013 10:18:07 PM
From: AFed	of 4

HLYS was in liquidation until a strategic buyer topped the offer in December. Here's what happened: 1) On October 22, HLYS received an asset purchase offer to sell the branding rights / shoe inventory to Evergreen Group (a Private Equity firm). HLYS would then distribute the sale proceeds + remaining working capital on balance sheet to shareholders, then otherwise liquidate the Company. Range of values = $2.18 - 2.32/sh 2) On December 7, HLYS received an offer to sell the entire company to Sequential Brands Group (another Private Equity firm). Exact value = $2.25/sh The Sequential Brands Group deal offered more speed/certainty of value to shareholders, so shareholders voted "yes" for #2. The deal closed on January 24, so HLYS is no more. And yes, this has been an unmitigated disaster for non-Management shareholders except for those who bought it as a Ben Graham net-net (BML Capital, nice win for your investors)

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