82 871
Fashion Jobs
SALLY BEAUTY CORPORATE
IT Senior Manager
Permanent · DENTON
HAND & STONE
Assistant Spa Manager - Apex
Permanent · APEX
HAND & STONE
Assistant Spa Manager - Voorhees
Permanent · VOORHEES TOWNSHIP
HAND & STONE
Assistant Spa Manager - Brentwood
Permanent · BRENTWOOD
HAND & STONE
Assistant Spa Manager - Princeton
Permanent · PRINCETON
HAND & STONE
Assistant Spa Manager - South Park
Permanent · CHARLOTTE
HAND & STONE
Assistant Spa Manager - Camp Hill
Permanent · CAMP HILL
HAND & STONE
Assistant Spa Manager - Chantilly
Permanent · FAIRFAX
HAND & STONE
Assistant Spa Manager - Gaithersburg
Permanent · GAITHERSBURG
HAND & STONE
Assistant Spa Manager - Medford
Permanent · MEDFORD
HAND & STONE
Sales Manager - Winston-Salem
Permanent · WINSTON-SALEM
HAND & STONE
Assistant Spa Manager - Severna Park
Permanent · SEVERNA PARK
HAND & STONE
Assistant Spa Manager - Langhorne
Permanent · LANGHORNE
HAND & STONE
Assistant Spa Manager - Timonium
Permanent · TIMONIUM
HAND & STONE
Assistant Spa Manager - Newtown Square
Permanent · EDGMONT
HAND & STONE
Assistant Spa Manager - Falls Church
Permanent · FALLS CHURCH
HAND & STONE
Assistant Spa Manager - Reston
Permanent · RESTON
HAND & STONE
Assistant Spa Manager - Ocean Township
Permanent · OCEAN TOWNSHIP
HAND & STONE
Spa Director
Permanent · CHERRY HILL
HAND & STONE
Assistant Spa Manager - Franklin
Permanent · FRANKLIN
HAND & STONE
Assistant Spa Manager - Kirkwood
Permanent · WILMINGTON
HAND & STONE
Assistant Spa Manager - East Brunswick
Permanent · EAST BRUNSWICK
By
Reuters
Published
Dec 17, 2012
Reading time
2 minutes
Download
Download the article
Print
Text size

Australia's Billabong says fresh takeover bid possible

By
Reuters
Published
Dec 17, 2012

MELBOURNE - Australian surfwear company Billabong International put its shares in a trading halt on Monday ahead of a possible takeover bid for the company, the latest development in a tumultuous year in which three previous takeover offers failed.

Billabong shares earlier hit a two-month high following a report in the Australian Financial Review that an independent director had made a takeover offer of up to A$527 million ($555 million) for the company.

(photo: Billabong)


Billabong requested the halt ahead of an announcement of "a possible change of control proposal". The company did not return two calls seeking comment.

The shares rose as much as 8.6 percent to A$1.015 after the report that director Paul Naude had offered A$1.10 per share for the company. They last traded at A$0.98.

Naude stood aside from his role as president of the Americas in mid-November for six weeks, to look at putting together a buyout proposal.

Billabong was initially approached by private equity firm TPG in February but rebuffed an offer of A$3.30 a share, opting instead to sell half of its watch brand Nixon and raise A$225 million in equity to reduce debt.

The stock continued to sag and TPG, which has a 12.5 percent stake in the company, returned with a reduced A$1.45 per share bid in July. Rival buyout firm Bain Capital came in with a matching bid in September, only to drop out two weeks later.

TPG withdrew its second offer in October.

The environment for retailers in Australia has been tough with nimbler online rivals competing aggressively on price and Billabong's sales in Europe and the United States -- which combined account for more than half of its revenues.

Billabong was saddled with high debt levels after a badly timed expansion just before the global financial crisis hit.

The company dumped its chief executive in May as sales continued to slide and after several profit warnings. It also posted its first annual loss since listing a decade ago.

(Reporting by Victoria Thieberger; Editing by Edwina Gibbs)

© Thomson Reuters 2024 All rights reserved.