{"id":650723,"date":"2013-04-04T21:35:40","date_gmt":"2013-04-05T01:35:40","guid":{"rendered":"https:\/\/www.pehub.com\/?p=194726"},"modified":"2013-04-04T21:35:40","modified_gmt":"2013-04-05T01:35:40","slug":"reuters-revised-billabong-offers-come-in","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/650723","title":{"rendered":"Reuters \u2013 Revised Billabong Offers Come In"},"content":{"rendered":"

Revised takeover offers for Australia’s Billabong International Ltd<\/strong> have come in considerably lower than indicative bids, with the highest valuing the struggling surwear firm at only A$287 million ($300 million), the Australian Financial Review<\/em> reported on Friday. A consortium comprising Billabong’s former U.S. boss Paul Naude and private equity firm Sycamore Partners<\/strong> has put forward an offer of about A$0.60 cents per share, while a rival group made up of private equity firm Altamont Capital Partners<\/strong> and U.S. clothing group VF Corp has offered less than A$.50 cents per share, it said.<\/p>\n

(Reuters<\/em>) – Revised takeover offers for Australia’s Billabong International Ltd have come in considerably lower than indicative bids, with the highest valuing the struggling surwear firm at only A$287 million ($300 million), the Australian Financial Review reported on Friday.<\/p>\n

A consortium comprising Billabong’s former U.S. boss Paul Naude and private equity firm Sycamore Partners has put forward an offer of about A$0.60 cents per share, while a rival group made up of private equity firm Altamont Capital Partners and U.S. clothing group VF Corp has offered less than A$.50 cents per share, it said.<\/p>\n

The offers are below Billabong’s share price at its last close on March 28 of A$0.73 and around half the A$1.10 initial indicative bids from both consortiums, which valued the company at A$527 million ($550 million).<\/p>\n

Since the initial offers, Billabong has posted a first-half net loss of A$536.6 million and lowered its full-year guidance, citing difficult trading conditions in Europe and a disappointing performance from its Nixon watch brand.<\/p>\n

Billabong shares are currently in a trading halt until an announcement on the takeover bids. The stock, which has lost around two-thirds of its value in the past year, sank to an all-time low of A$0.63 last month.<\/p>\n

In February 2012, Billabong, the sponsor of current world surfing champion Joel Parkinson, rejected an A$850 million offer from TPG Capital as too low.<\/p>\n

Subsequent offers of A$1.45 from TPG and Bain Capital were withdrawn after due diligence.<\/p>\n

The company has sold off key assets, replaced its chief executive as a result of profit downgrades and raised A$225 million in a deeply discounted rights issue to cut its debt, which currently totals about A$286 million.<\/p>\n

The post Reuters \u2013 Revised Billabong Offers Come In<\/a> appeared first on peHUB<\/a>.<\/p>\n

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Revised takeover offers for Australia’s Billabong International Ltd have come in considerably lower than indicative bids, with the highest valuing the struggling surwear firm at only A$287 million ($300 million), the Australian Financial Review reported on Friday. A consortium comprising Billabong’s former U.S. boss Paul Naude and private equity firm Sycamore Partners has put forward […]<\/p>\n","protected":false},"author":7428,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-650723","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/650723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7428"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=650723"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/650723\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=650723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=650723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=650723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}