AUSTRALIA: Billabong halts trading as share price plummets
Australian surfwear brand Billabong halted trading in its shares today (21 March) after its share price plummeted 14.2% on concerns about a potential takeover offer expected next week.
The company's share price last traded at AUD0.695 before being placed at a trading halt at the request of the company, pending the result of an investigation.
The company has been in talks with two takeover suitors - VF Corp and private equity firm Altamont Capital Partners, as well as North American division boss Paul Naude and Sycamore Partners. Due diligence was expected to be completed by 28 March.
The two companies have made bids of AUD1.10 per share each, which value the company at AUD524m.
Billabong moved to reassure the market, saying that the process for the change of control proposals previously announced is ongoing and that both of the consortia who have submitted indicative proposals remain in the process.
The brand has had a difficult 2012, after rejecting an AUD3.30 per share bid by TPG Capital in February as too low subsequent bids of AUD1.45 from TPG and Bain Capital were withdrawn after due diligence.
Troubled Australian surfwear brand Billabong is attempting to move beyond recent turbulence and onto its turnaround plans, but uncertainty still remains....
In an unexpected move, surf-led apparel business Billabong has secured a long-term funding package from a rival consortium of two private equity businesses and named the former boss of Eddie Bauer as ...
US clothing company Delta Apparel has said Rod McGeachy will become president of the group's sports and military brand Soffe. ...
Struggling Australian surfwear company is facing calls for a board shakeup from one of its largest shareholders, in a move that could cloud a deal to finalise the company's long-term funding arrangeme...
Australian surfwear brand Billabong has seen its losses worsen as it works to refinance its debt. ...
Altamont Capital Partners has revised its long term financing agreement with troubled surfwear brand Billabong to gain approval from the Australian Takeovers Panel. ...
- What the EU-Vietnam trade deal means for duties
- Ultimate frontier Myanmar uplifts Bogart Lingerie
- US apparel import growth led by Bangladesh
- Are apparel prices really rising?
- US apparel retailers' January 2016 sales roundup
- Sears looks to lift apparel via sourcing changes
- Direct sourcing helps M&S narrow the gap with Next
- Clothing and sports chains in activewear battle
- Nike accelerates digital strategy with new hire
- Eco-friendly garment factory opens in Bangladesh
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Practical Price Negotiation
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020