Aug. 13 (Bloomberg) -- Skechers USA Inc. made an unsolicited offer to buy Heelys Inc. for $142.8 million after an earlier proposal was rejected by the maker of wheeled sneakers.

Skechers offered to pay $5.25 for each Heelys share, 8.2 percent more than yesterday's price in Nasdaq trading, according to a statement today. Carrollton, Texas-based Heelys, which gets almost all its revenue from wheeled shoes for kids ages 6 to 14, rose 56 cents, or 11 percent, to $5.43 after the Nasdaq Stock Market closed.

In less than three years, Heelys has gone from a being a company with a market value of $1 billion to the object of criticism from analysts such as Keri Spanbauer of Thrivent Asset Management, who said the shoemaker relies on fad products. The bid indicates Skechers, whose second-quarter revenue grew less than 1 percent, believes Heelys' sales declines may be nearing an end.

``I don't think they're looking at Heelys as just a wheeled shoe,'' John Shanley, an analyst at New York-based Susquehanna Financial Group, said in a telephone interview. ``I think they're looking at Heelys as being a legitimate skate brand.'' Shanley recommends that investors buy Skechers shares.

Voice messages left for Heelys Chief Financial Officer Lisa Peterson and spokesman Brendon Frey weren't immediately returned.

Months of Talks

Heelys has been in talks with the Manhattan Beach, California-based maker of shoes for surfers and skateboarders since December, when board member Jeff Peterson asked Skechers' adviser Financo Inc. if the retailer would be interested in a partnership, Skechers said.

Skechers may increase its offer if Heelys can show it's worth more, Chief Executive Officer Robert Greenberg said today in a letter to Heelys Chairman Gary Martin. Skechers fell 0.3 percent to $19.89 in trading after the New York Stock Exchange closed.

In May, Heelys expressed interest in selling itself to Skechers, but rejected an offer May 28 to sell all of its outstanding stock at a cash price ranging from $4.75 to $5.10 a share, Skechers said in the letter. Skechers offered to make the acquisition a combination of cash and stock if it would be more appealing to Heelys' shareholders.

Chief Executive Officer Don Carroll has been trying to turn around Heelys since the board ousted five-year CEO Michael Staffaroni in February. Last month, Heelys named Peterson chief financial officer and hired John Price from Foot Locker Inc. to help diversify its brands.

Heelys was valued by the stock market at as much as $1.05 billion last year, three months after its initial public offering, only to plunge 88 percent from its February 2007 high as the shoes' popularity waned.

To contact the reporter on this story: Joseph Galante in San Francisco at jgalante3@bloomberg.net

Last Updated: August 13, 2008 20:04 EDT