Billabong remains in talks with suitors
Surfersvillage Global Surf News, 3 April, 2013 : - - Speculation is mounting that Billabong's two US private equity suitors have dropped their takeover offer price to as low as 80¢ a share, down from an initial proposal priced at $1.10, with the bidding team associated with Billabong executive Paul Naude tipped as a front-runner.
Billabong on Tuesday called for a trading halt in its shares while negotiations continued with its two private equity-led suitors, with the protracted negotiations and bidding process sending the share price on a roller-coaster ride and leaving shareholders clueless as to what was going on behind closed doors.
Billabong said the halt, its second in two weeks, and which is in place until Thursday, was necessary while it continued negotiations on potential takeover bids.
'Discussions in relation to these proposals remain incomplete and the company expects to make an announcement as and when discussions are complete,' the company said.
Author: The Editors