AUSTRALIA: Billabong director mulls buyout bid
Billabong saw its share price increase 10.14% to AUD0.82
Australian surfwear brand Billabong has seen its share price jump after the head of its Americas business temporarily stepped aside to explore a potential buyout of the company.
Paul Naude, who is also a director Billabong, will step aside for six weeks. He is looking to hold discussions with potential financiers to gain their support for a "potential change of control transaction of Billabong," the company said in a statement.
It added that there is no agreement with any member of the board or the senior management team on the proposal.
Peter Bryant, chief financial officer for the Americas, and Colin Haggerty, group executive of retail, will oversee Naude's responsibilities during his absence.
Billabong added that there is no guarantee the board will grant due diligence if a proposal is considered.
The retailer, which is in the midst of a restructuring plan to try to reverse its losses and falling sales, saw its share price increase 10.14% to AUD0.82 at the close of trading today (19 November).
The move comes a month after private equity firm TPG Capital abandoned its bid for the Australian surfwear brand. TPG Capital made an offer of AUD1.45 per share in July, which valued the company at $694m - but well below an earlier bid of AUD3.30 per share.
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