Billabong gets about $150 million indicative takeover offer from Boardriders [Reuters]
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Source: Reuters
Billabong gets about $150 million indicative takeover offer from Boardriders | Reuters Reuters Staff 2 Min Read (Reuters) - Sports apparel seller Billabong International Ltd ( BBG.AX ) confirmed on Friday it has received an indicative takeover proposal from Boardriders Inc, which values the company at about A$198 million ($150 million). U.S.-based Boardriders, formerly known as Quiksilver, prices it offer at A$1 cash for each Billabong share, a 28.2 percent premium to Billabong’s Thursday’s closing price. U.S. private equity firm Oaktree Capital Management LP holds 19 percent of the shares in Billabong and is one of Billabong’s two senior lenders. Funds managed by Oaktree also have a majority interest in Boardriders. The offer is subject to a number of conditions, including due diligence to Boardriders’ satisfaction, securing committed financing and a unanimous recommendation from the Billabong board. Billabong said its board had decided to grant due diligence access to Boardriders
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