Billabong’s wave of uncertainty

Investors in the surf-wear retailer were dumped under a wave of heavy selling after bid details finally emerged.

Last week I wrote that Billabong was rumoured to have had two bids in the 80-85c range (See Billabong board balances the bids). Since then it’s clear that the situation has deteriorated even further than people thought, and yesterday the company announced a bid of 60c a share from the Sycamore private equity consortium, led by former US head Paul Naude.

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