Australian surfwear seller Billabong International Ltd agreed to a buyout from its top shareholder and major lender Oaktree through its Boardriders unit Friday, in a deal valuing the company at about A$197.7m ($155m).
Sports apparel seller Billabong International Ltd confirmed on Friday it has received an indicative takeover proposal from Boardriders Inc, which values the company at about A$198 million ($150 million).
Shares in Australian surfwear brand and takeover target Billabong tumbled more than 20 percent to an all-time low on Thursday amid concerns about the status of two rival $544 million bids for the company.
Australian surfwear company Billabong has received a second takeover proposal from a U.S. private equity and retail consortium that matches a A$556 million ($586.55 million) bid by its U.S. boss Paul Naude.
U.S. private equity firm Bain Capital LLC has matched a $700 million takeover offer for Australia's Billabong International Ltd from TPG Capital, sources familiar with the matter said, improving the odds the strugglin...