Just out in the press
SYDNEY (REUTERS) - Shares in Australian surfwear brand and takeover target Billabong International tumbled to an all-time low on Thursday on concerns about a potential takeover offer and ahead of an expected announcement from the company.
Billabong, which has been struggling with big losses, has been in talks with two takeover suitors - private equity firm Altamont Capital Partners, led by Billabong's former United States boss Paul Naude, and clothing group VF. Due diligence was expected to be completed by the end of the month.
Billabong shares were trading "on notice" on the Australian stock exchange, pending an announcement from the company. Shares in Billabong last traded down 14.2 per cent at A$0.695, having earlier sunk to an all-time low of A$0.63. Both suitors had pitched their potential offers at A$1.10 a share, valuing the company at about A$524 million (S$686 million).
"This one has got people concerned. We've seen four bids already that have all been withdrawn at the due diligence stage," said Mr Michael McCarthy, chief market strategist, CMC Markets.
- Forums
- ASX - By Stock
- BBG
- who knows what and when
who knows what and when, page-8
-
-
- There are more pages in this discussion • 22 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add BBG (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online