Billabong International

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....

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.

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