March 1, 2012

Billabong Rejects Take Over Bid

Billabong has rejected an increased take over offer from private equity firm, TPG. The company increased the offer to $3.30 a share despite a partial sale of Nixon but key shareholders said that they weren’t interested for anything under $4 a share. The new offer valued Billabong at $841.8 million which is a long way from highs of 2007 when it was worth more like $3.84 billion. We’ve covered some of the difficulties and the elements at play here in previous articles but you should definitely read the Bloomberg article – they believe that the company is “in play” and will look at other offers… Stay tuned.

by POP Magazine