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.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"