Billabong International
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Billabong International has been placed in a trading holt following media reports that Paul Naude, current director and head of its American operations, is in the process of launching a bid for the company at $1.10 a share. This follows Naude’s six-week leave of absence granted by the board in November to enable him to seek financing for a takeover bid (see 19 Nov 12 (Speculative Buy – $0.82)).
The company is yet to announce any details about the bid and it remains a speculative situation, but an offer of $1.10 per share undervalues the potential of any turnaround. For now, there’s nothing to do except wait.
The share price has risen 20% since 19 Nov 12, and Billabong remains a SPECULATIVE BUY.
Note: The Growth portfolio owns shares in Billabong International.
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