Shares in Billabong plummeted 58% after the announcement that no buyout would be proceeding. The two suitors have walked away although there is still talk of some asset sales. This news was combined with the third profit warning in six months and caused the shares to go as low as 19 cents this morning before coming back a little. Billabong is now left to raise more money and implement its turnaround strategy to try and bring the brand back. Read more on today’s announcement over here.
June 4, 2013