The Incipio Group said that one of its subsidiaries started a tender offer for Skullcandy at a price of $5.75 per share in cash, which was agreed on June 23 with the board of the U.S. headphones maker. Incipio's offer amounted to about $177 million. The group is already involved in audio equipment with the Braven Audio and Tavik brands. Incipio and Skullcandy said that the combination would allow them to amplify their efforts. Shortly after the publication of the Incipio offer, Skullcandy said that it received an unsolicited offer of $6.05 per share in cash from Mill Road Capital. However, when starting its tender offer, Incipio said that the board had judged its own offer fair, advisable and in the best interests of Skullcandy and its stockholders. The offer is scheduled to expire on Aug. 2. The price offered by Incipio amounted to a premium of about 29 percent over Skullcandy's closing price on June 22, and 49 percent over the average price in the previous 90 days. Rick Alden, the company's former chief executive, set off speculation about Skullcandy's prospects as a listed company in June when he talked about taking the company private.