Trading in shares of Billabong International Ltd. was halted Monday on the Australian Stock Exchange at the firm’s request, which initiated the move pending an announcement by the company of a takeover proposal in a statement to the Australian Securities Exchange.
The surf-and-sportswear lifestyle brand reportedly received a buyout offer from a consortium led by Paul Naude. Naude, a former pro surfer, is a director and president of Billabong’s U.S. business. He temporarily stepped down last month to pull together the offer, said to be valued at 526.8 million Australian dollars, or $556.5 million, and backed by a U.S. private equity firm. The backer is believed to be Sycamore Partners. A spokesman for Sycamore declined comment. All dollar amounts have been converted to U.S. dollars at current exchange.
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