A new offer was delivered to BBG Yesterday from a Gold Coast....

A new offer was delivered to BBG Yesterday from a Gold Coast. Consortium but BBG have made no mention of it.
The offer is $1 for Billabong Australian and New Zealand retail, wholesale, eshop and manufacturing at Net asset values plus the equivalent value in assumed liabilities.
For the shareholders it is offering the equivalent of 10 cents per share satisfied by the issue of 48 million $1 10% Redeemable Preference Shares in a new Australian company.
Those shares will be redeemed after 3 years at $1-25 each.
Total consideration for the Australian and New Zealand assets is $74.4 million comprising $48 million for new shares, $14.4 million in dividends over three years and $12 million premium on buy back of those shares after three years.
The remaining assets worldwide are then free to be sold to the current interested parties in the best interest of shareholders.
The Billabong Pro team and event sponsorships are not part of the Gold Coast offer. The BBG Board have three options to consider.
1 . Sell the lot to either of the groups wanting it.
2. Keep part of it alive in Australia by looking at the Gold Coast offer and selling the rest to the other parties who will move it all offshore anyway
3. Reject all bids and ask shareholders to participate in a rights issue.
A fourth option is....not what people want to consider.