I struggle to find an historical transaction in the Australian...

I struggle to find an historical transaction in the Australian M&A space which has been handled as poorly as this. Yes Billabong are in a tough position, however there has simply been no control over the process. Which is fine if the advice and management of this process was not costing shareholders so much money (in both fees to the bankers and share price destruction). Therefore I would suggest a change of banker to refresh the communication and strategic thought.