Economy

Billabong receives takeover bid from U.S. rival Boardriders

Billabong receives takeover bid from U.S. rival Boardriders

US -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. Billabong's shares rose 23 percent following the news of the announcement.

Boardriders Inc.is the parent company of surf lifestyle brand Quicksilver.

The offer to Billabong is subject to unanimous approval of the board, which as appointed Goldman Sachs as its financial advisor and Allens as its legal counsel. Billabong has noted that the process does not ensure a formal offer will be made.

Industry insiders say they "can't imagine" that Merchant, who declined a bid for $3.30 per share back in 2012, will be happy to accept the latest bid from Boardriders.

More news: Automatic Data Processing (ADP) Authorizes Share Buyback Program

One of the country's most well-known sports apparel sellers, Billabong has struggled to turn a profit in recent times, registering losses in four out of the past five years.

Boardriders was Quiksilver Inc. before a bankruptcy and being taken private by Oaktree Capital Management LP.

Boardriders' brands include Quiksilver, DC, and Roxy; Billabong's include RVCA, Element, and Von Zipper.


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