Markets: Timing the wave, trading the deal

Investors who hope to cash in on a takeover target should consider the lessons of Billabong in the 19 long months since it was first approached.

An agreement on the future of Billabong slams the door on two years of missed opportunities for shareholders. The board and a major shareholder, Gordon Merchant, are to thank for the waves of despair shareholders have felt since the first offer for the struggling surfwear brand was wiped out.

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