New Balance officials said the offer was partly a public relations effort to increase the company's visibility in a running shoe market controlled by Nike.

The company was sold in 1979 to Bata Shoes which made the purchase to enter a higher grade of shoe market.

Under his leadership the company doubled its workforce and expanded its product line into the running shoe market.

It is most famous for its shoe markets which are produced by the local population.

The company has taken a minuscule but lucrative bite out of the shoe market.

The industry however declined after Australia, the main shoe market, imposed an import tax on the industry.

Yet Chinese manufacturers increasingly dominate the global shoe market.

Nike Inc.'s share, meanwhile, has held steady at 30 percent of the $5.82 billion athletic shoe market.

It is known for its large furniture and shoe market but most of the vendors sell food and everyday items.

In the late 1980's Nike Inc. launched a serious campaign to capture the women's athletic shoe market.