AUSTRALIA: Billabong receives rival takeover approach
Australian surfwear brand Billabong has received a rival takeover approach from an unnamed party, offering A$1.45 a share.
The offer follows a similar bid from TPG Capital in July, also offering $1.45 a share, which valued the brand at $694m. At the time, Billabong said it did not believe that the deal reflected the "fundamental value" of the company.
Billabong said the new proposal, which according to Reuters, has come from Bain Capital, is subject to due diligence and is conditional on a number of other issues.
TPG has already begun its due diligence on the brand, and Billabong has also granted the unnamed party the opportunity to conduct non-exclusive due diligence to improve its understanding and valuation of the firm.
"As is the case for TPG's proposal, the board does not believe that this proposal reflects the fundamental value of Billabong in the context of a change of control transaction," Billabong said.
The company believes the interests of shareholders will be best served by a formal process to thoroughly evaluate whether an offer can be secured at a price and on terms that the board would recommend.
Billabong swung to a full-year loss last week, recording a loss of $275.6m in the year ended 30 June, against a profit of $119m the year before. The company's profits were hit by more than $330m worth of costs.
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....
- Marks & Spencer to extend mobile phone monitoring
- China tightens on corporate social responsibility
- Outdoor industry's future must be more inclusive
- Factoring: a lifeline for apparel suppliers?
- Responsible apparel sourcing requires teamwork
- Adidas "Reebok sale" would be admittance of defeat
- H&M and The North Face commit to responsible down
- UPDATE: A&F appoints Horowitz to head Hollister
- Bangladesh taps factory inspectors ahead of review
- Coats to open new zip factory in Bangladesh
- Ethiopia – the emerging textile and clothing industry
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Wool in the 21st Century: new prospects for a familiar fibre
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Vietnam