Because things weren’t quite screwed up enough, a new player has emerged in the battle for Billabong. Coastal Capital which hold a 5% stake purchased about a month ago has requested an Extraordinary General Meeting to discuss throwing out most of the board and replacing them with their own people.
Coastal would like to see founder and 15% shareholder Gordon Merchant stay where he is along with Colette Paull, a supporter. They are also backers of the bid from Centerbridge, which is being reviewed while the timeline and process for the previously agreed Altamont deal is still happening. Yes, this is a mess.
Read more from The Australian.