Want Some? Billabong bids bulking up
TIAA-CREF takes 5.2% stake in Billabong
Surfersvillage Global Surf News, 6 February, 2013 : - - TIAA-CREF has taken a 5.2 percent stake in Billabong International Ltd. amid rival A$527 million bids for the company. The group’s TIAA-CREF Investment Management LLC unit and Teachers Advisors Inc. bought about 25 million shares on Feb. 4, it said in a statement. TIAA-CREF, a group of companies whose full name is the Teachers Insurance and Annuity Association -- College Retirement Equities Fund, manages about $502 billion in retirement funds.
No external stockholder has announced buying more than 375,000 shares in Billabong since the company recorded its first annual loss in August. The acquisition makes TIAA-CREF the fifth-biggest shareholders in Billabong, as private equity-backed groups led by former Bain & Co. alumni examine competing A$1.10- a-share indicative offers.
Billabong shares rose 1.1 percent to 96.5 Australian cents at 11:34 a.m. in Sydney, their highest level since Jan. 25.
Author: The Editors