Billabong not safe yet

Billabong directors, mindful of their fiduciary duty, had no choice but swap sides. But the company is still deeply troubled.

In the end, the Billabong (BBG) board had no choice.

Faced with an obviously superior bid by the Centrebridge Oaktree consortium, and a refusal by its preferred rescuer Altamont to match it, Billabong directors took the only path available and switched allegiances.

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