Billabong International
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Billabong International’s share price has jumped 12% today following news that US-listed VF Corporation and Altamont Capital Partners have made a conditional bid for the company. At $1.10 per share it matches the standing offer from Paul Naude, Sycamore Partners Management and Bank of America Merrill Lynch.
VF Corp looks like a natural owner for the Billabong brand, already owning similar brands such as The North Face, Wrangler, Timberland, Vans and Lee. VF Corp is only interested in acquiring the ‘Billabong’ brand, with Altamont Capital interested in the others. This is welcome news for the beleaguered surfwear retailer, and demonstrates that industry peers recognise the value of its brands. It also adds much needed competitive tension to the bidding process.
Still, our investment case – as mentioned previously – rests on a turnaround of the business not a buyout, so the outcome of these bids doesn’t bother us too much. Despite the share price rise of 12% since 19 Dec 12 (Speculative Buy – $0.85), the stock remains a SPECULATIVE BUY.
Note: The model Growth portfolio owns shares in Billabong International.
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