Heelys (NASDAQ: HLYS) has looked interesting to me for the past few months. Sure, it's a fad product that's way past its prime but look at the balance sheet: the stock is trading very close to its book value and has $96 million in cash on the balance sheet, compared with a market cap of just over $130 million. The company also has no debt.

Apparently Skechers (NASDAQ: SKX) sees some value here too. In a press release issued after the close of the market yesterday, Skechers announced that, on May 28th of this year, it had made a formal proposal to acquire Heelys. The proposal was rejected without being disclosed to shareholders, and now Skechers is taking the battle to the streets, offering to acquire the entire company for $5.25 per share, a premium of just 8.2% to Tuesday's closing price.

Shares of Heelys traded up to $5.35 after-hours, indicating that investors anticipate that Skechers -- or someone else -- may come through with a more compelling offer.

From a corporate governance and transparency perspective, I think it's disappointing that Heelys didn't disclose the original offer to its shareholders. But given the state of the economy, and its beaten down share price, Heelys can probably make a strong case for staying the course as a stand-alone company, at least for now. If Skechers really wants Heelys, it will up the offer -- the company has to realize that a premium of 8.2% is just not very compelling.

Given the interest in Heelys, you also have to wonder whether fellow fallen angel of footwear fads Crocs (NASDAQ: CROX) could also end up in play soon.

"It's time to get back to basics; return to those things that everyone still needs regardless of what the stock market is doing," says Jocelynn Drake. "And everyone needs shoes, right?"

The analyst with Schaeffer's Investment Research notes, "Several stocks have managed to weather the storm with remarkable resilience. And a pair of those outperformers is in the footwear sector: Crocs (NASDAQ: CROX) and Deckers Outdoor (NASDAQ: DECK).

Crocs, she explains, is known for its colorful slip-on shoes that are made of a proprietary closed-cell resin. She observes, "The security has staged a stellar rally this year, gaining nearly 139% since the start of 2007."

What's more, she adds, the shares of Crocs have marched steadily higher along their 10-week and 20-week moving averages since late July 2006. From a sentiment standpoint, she points out that short sellers are attempting to call a top to the trendy shoemaker's uptrend.