Billabong International

The Paul Naude/Sycamore consortium has made a non-binding offer to acquire Billabong International for 60 cents per share, nearly half the $1.10 mooted in January and 45% below our recommendation price from Sun rises on Billabong wipeout from 09 Jul 12 (Speculative Buy – $1.09). In addition to the cash offer, shareholders can potentially maintain their stake in the company once it delists provided acceptances don’t exceed 24.9% of the company’s shares. While this option might not be very popular amongst individual investors, key shareholders Gordon Merchant and Colette Paull have accepted it. More details on this option are...

The Paul Naude/Sycamore consortium has made a non-binding offer to acquire Billabong International for 60 cents per share, nearly half the $1.10 mooted in January and 45% below our recommendation price from Sun rises on Billabong wipeout from 09 Jul 12 (Speculative Buy – $1.09).

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