Heelys Inc. has rejected a second unsolicited buyout offer from Skechers USA Inc., saying that the company's $142.8 million cash offer is too low. Heelys, which makes wheeled shoes for children said its board had rejected Skechers' $5.25 per share bid.

Last week, California-based Sketchers disclosed its second bid for Heelys, a 7.8% premium over that day's closing price for the shoe company. Heelys shares fell five cents to $5.3 in Tuesday trading, while shares at Sketchers fell 96 cents, or 4.9%, to $18.56.

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