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.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- U.S. to Relinquish Gov't Control Over Internet
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Quiznos Files for Chapter 11