News Column

Jilted Billabong Awaits New Suitor

Dec 17, 2012

Trading in Billabong International Ltd was suspended Monday after news broke of a potential takeover bid for the becalmed surf-wear maker.

Paul Naude, head of U.S. operations, presented a $1.16-a-share (1.10-Australian-dollar-a-share) offer, which would value the 39-year-old company at about 530 million Australian dollars, the Australian Financial Review reported Monday while providing no source for its information.

Trading was halted at 98 Australian cents, a far cry from a high of 18 Australian dollars five years ago.

Billabong founder and 15-per-cent shareholder Gordon Merchant might now regret turning down a 3.30-Australian-dollar-a-share offer in February.

The private equity group TPG Inc withdrew a 1.40-Australian-dollar-per-share offer in July after going over Billabong's books.

Billabong asked for trading to be suspended until Wednesday or until a takeover offer is made.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters