Billabong International

Billabong International has finally—it took two days too long in our view—officially announced what was spilt to the press on 17 Dec 12. Paul Naude, sidelined director and head of the Americas business, in conjunction with Sycamore Partners Management and Bank of America Merrill Lynch is preparing a $1.10 per share bid for the company. Whether a bid proceeds from here is unknown. Our investment case, though, rests on a turnaround of the business not a buyout, so the outcome of this bid doesn’t bother us too much. Still, at $1.10 per share Naude would be getting Billabong at...

Billabong International has finally—it took two days too long in our view—officially announced what was spilt to the press on 17 Dec 12. Paul Naude, sidelined director and head of the Americas business, in conjunction with Sycamore Partners Management and Bank of America Merrill Lynch is preparing a $1.10 per share bid for the company.

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