AUSTRALIA: Billabong opens books to TPG Capital
Billabong has agreed to open its books to private equity firm TPG Capital, but said it does not believe the AU$694m bid reflects the "fundamental value" of the Australian surfwear brand.
TPG has submitted a $1.45 a share offer for Billabong, much less than the $3.30 per share offer it put forward earlier this year.
Billabong said TPG will be able to conduct non-exclusive due diligence in the hope that it will improve its "understanding and valuation of Billabong".
"The board of Billabong does not believe that the proposal reflects the fundamental value of Billabong in the context of a change of control transaction," a statement said.
It added that Billabong will seek to ensure that the medium to long-term prospects of the company and "its unique brands are reflected in the value realised by Billabong's shareholders".
Billabong said the due diligence process will take several weeks.
The surfwear brand is set to announce its full-year results on 27 August, with recently appointed CEO Launa Inman to unveil a three-year transformation strategy for the brand.
Goldman Sachs is acting as financial adviser and Allens is acting as legal adviser to Billabong.
The most read stories on just-style this week include a look at how sourcing is going to be in 2013, a spotlight on why buyer interest in Billabong has not yet turned into a deal, and M&S extending it...
Australian surfwear brand Billabong has received a rival bid for the brand from VF Corp and private equity firm Altamont Capital Partners, which matches an offer from US boss Paul Naude and Sycamore P...
Australian surfwear brand Billabong has appointed Peter Myers as group chief financial officer, replacing Craig White who resigned last month....
Australian surfwear brand Billabong has opened its books to a consortium comprising the company's former head of its Americas business. ...
Australian surfwear brand Billabong today (19 December) confirmed details of a AUD524m buyout bid - but shares fell 13.3% after the company issued another profit warning....
- Impact of the TPP on the US textile industry?
- JC Penney emphasises new merchandising strategy
- Crystal Group nurtures its caring culture
- Apparel industry not immune from Russia tensions
- US apparel import data shows China competitiveness
- Cambodia garment workers “dying on the job”
- Vietnam proposes 15% rise to regional minimum wage
- Cotton prices set to slip on China policy change
- Nike appointments to drive growth opportunities
- Avery Dennison forms JV with Ningbo Shenzhou
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Textile Wholesaling in the UK - Industry Market Research Report
- Survey of the European Fabric Fairs: Spring/Summer 2015
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Turkey