Money Billabong recommends $198m bid from Quiksilver owner

20:02  05 january  2018
20:02  05 january  2018 Source:   MSN

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Surf brand Billabong International's directors have unanimously recommended a takeover bid from the US owners of Quiksilver worth about $ 198 million. Queensland-based Billabong last month received an indicative and

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Surf brand Billabong International's directors have unanimously recommended a takeover bid from the US owners of Quiksilver worth about $ 198 million. Queensland-based Billabong last month received an indicative and

Billabong recommends 198 m bid from Quiksilver owner Surf brand Billabong International's directors have unanimously recommended a takeover bid from the US owners of Quiksilver worth about 8 million.

Surf brand Billabong International's directors have unanimously recommended a takeover bid from the US owners of Quiksilver worth about $198 million.

Queensland-based Billabong last month received an indicative and non-binding proposal from Boardriders to acquire all of the company's shares for $1 each.

They've now entered into a scheme of arrangement, which Billabong said had limited conditions.

Billabong also confirmed it expected earnings before interest, tax, depreciation and amortisation, excluding significant items, to be in a range between last year's $51.1 million and $54 million in 2017-18.

The $1 a share bid represents a 28 per cent premium to Billabong 78¢ closing price on November 30, the day before the initial approach. Shares closed at 98¢ on Friday - up 2.6 per cent. 

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Billabong recommends $ 198 m bid from Quiksilver owner . www.smh.com.au15 weeks ago. Billabong to go offshore in 0m buyout by Quiksilver owner Boardriders.

Billabong surrenders to bid from Quiksilver owner . The Sydney Morning Herald 16d. Searches called off for Quiksilver boss missing at sea off France. Financial Times 98d. Billabong recommends $ 198 m bid from Quiksilver owner .

"While Billabong has made significant operational progress in recent years, the board is also mindful of the fact that, in the absence of the scheme, Billabong shareholders face ongoing risks and uncertainties associated with the business," Billabong chairman Ian Pollard said in a statement to the ASX.

The takeover follows a flat few years for Billabong. © Glenn Hunt The takeover follows a flat few years for Billabong. Key Billabong shareholders Centerbridge and Gordon Merchant support the deal.

Quiksilver, which was founded in Torquay, Victoria but is now based in California, is majority owned by Los Angeles fund manager Oaktree Management, which also owns 19 per cent of shares in Billabong and is one of its two biggest lenders. 

Its brands include Roxy and DC Shoes as well as Quiksilver.

The takeover follows a flat few years for Billabong, which fell to a $77 million net loss in 2017 after writing down the value of several of its secondary brands, including Kustom, Honolua, Xcel and RVCA by $94 million. 

Billabong's Australian business was at the core of its problems, with comparable sales in the region falling 5 per cent and earnings down 28 per cent, hurt by the tough retail environment and poor fashion decisions. 

North America is Billabong's largest market and has seen strong sales and earnings growth there, jumping 8 per cent and 47 per cent respectively last year. 

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