Billabong share suspension 'indefinite'
Surfersvillage Global Surf News, 4 April, 2013 : - - Billabong has gone into an indefinite trading suspension while negotiations with two potential suitors drag on. Billabong made the announcement to the market this morning before a trading halt on its shares was due to be lifted. The company has received six takeover offers since early 2012, but none have succeeded so far.
SUSPENSION FROM OFFICIAL QUOTATION
'The securities of Billabong International Limited (the “Company”) will be suspended from quotation immediately, at the request of the Company, pending an announcement with regard to the result of the negotiations in relation to the process announced on 14 January 2013'.
Billabong said the suspension will remain in place until such time as ‘‘the company is able to make an announcement in relation to such negotiations’’.
Speculation is mounting that Billabong's two suitors - both backed by private equity - have dropped their takeover offer price to as low as 80 cents a share, down from an initial proposal priced at $1.10.
Author: The Editors