There's been a sale at Billabong International, but not the kind the company wants. As the surfwear maker's suitor pulls back, shareholders are running for the exits. Also this morning, BHP Billiton and Hoyts Group look to North America for funding, while Seven West Media Group and Telstra team up. Macquarie Group will also be looking for clues in a Gunns test vote.
Billabong International shares are expected to remain suspended this morning, after takeover talks with Sycamore Partners continued into the night, according to The Australian Financial Review.