By  on December 17, 2012

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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