Billabong mirage

Billabong’s stock surged 46% yesterday after it said two private equity firms were in advanced talks on refinancing and asset sales, but it now seems clear yesterday’s move in the stock was an anomaly.

Billabong’s stock surged 46% yesterday after it said two private equity firms were in advanced talks on refinancing and asset sales. Today the stock has retreated. At 1044 AEST Billabong shares were down 1.5 cents, or 7.9%, to 17.5 cents. It now seems clear yesterday’s move in the stock was an anomaly. The stock has lost more than 80% of its market value in the last 12 months as private equity firms including Altamont Capital Partners and Sycamore Partners have flip-flopped over whether to buy a once iconic surf brand that has lost its way. But the romance of sun, sea and surf has clearly not mesmerised Billabong’s latest suitors who perhaps see an opportunity to control the company through its debt rather than its equity.

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