Billabong halts trading after buyout gossip
Press reports TPG withdrawing buyout offer, Billabong & TPG say it aint so
Surfersvillage Global Surf News, 4 October, 2012 : - - Billabong refers to an article on afr.com today which states that TPG International LLC (TPG) is said to be considering withdrawing from the sale process for the company, but that no formal decision to do so has been made. The report quotes unnamed sources. Billabong advises that TPG has confirmed that it has not withdrawn from the sale process.
As part of its due diligence investigations, TPG and its advisers have expressed concerns in relation to some issues, however discussions in relation to those matters are continuing. Billabong has stressed in each of its previous announcements in relation to the sale process that there is no guarantee that any transaction will eventuate out of the process or that the Board will recommend any proposal, and that continues to be the case. Billabong will update the market further as and when required.
Billabong International Limited TRADING HALT
The securities of Billabong International Limited (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the commencement of normal trading on Monday, 8 October 2012, or when the announcement is released to the market.
REQUEST FOR TRADING HALT
Pursuant to Listing Rule 17.1, the Company requests a trading halt. The trading halt is requested pending an announcement from the Company regarding press speculation on the withdrawal of TPG from sale discussions with the Company. For the purposes of Listing Rule 17.1, the Company provides the following information:
(a) the trading halt is necessary, as otherwise trading in the Company's ordinary shares would continue on an uninformed basis;
(b) the trading halt should remain in place until the time of the Company’s announcement; and
(c) the Company is not aware of any reason why the trading halt should not be granted or of any other information necessary to inform the market about the trading halt.
Author: Maria Manning
Tags: Billabong, TPG, Trading