Heelys Inc. rejected a second unsolicited buyout offer from Skechers USA Inc., saying the shoemaker's $143 million cash offer is too low.

The Dallas-based maker of wheeled shoes for children said late Tuesday that its board rejected Manhattan Beach-based Skechers' $5.25-per-share buyout offer because it doesn't reflect the true value of company. Insiders control two-thirds of Heelys stock.

"Entering into discussions with Skechers based on their unsolicited proposal is premature at this time," Chairman Gary Martin said in a statement.

Skechers' second bid for Heelys last week was a 7.8 percent premium over the last closing price for the shoe company. Skechers at the time suggested it might be willing to offer more money after getting a better look at Heelys' books.

While noting that Skechers' offer would use up more than half of its cash, analyst R.J. Rhodes at the Seeking Alpha Web site said Heelys itself has $96.8 million in cash and no debt, which would bring Skecher's net cost for the deal down to $46 million.

Skechers shares fell 60 cents, or 4 percent, to $19.24 in Wednesday morning trading. Heelys shares were up 1 cent to $5.31.

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