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Skechers raised its offer to $142.8 million after Heelys rebuffed a previous offer in May.
The current offer has Skechers buying Heelys for $5.25 a share, 7.8 percent above Heely's closing price Wednesday.
Previously, Skechers offered to pay $4.75 to $5.10 a share, the Journal said.
Sales of Heelys shoes fell 75 percent in the second quarter and the company reported a net loss of $394,000 vs. a $12.8 million profit the same period last year.