Billabong to exit ASX as takeover wraps up

[ad_1]

The acquisition of ASX-listed dealer Billabong has been completed with all shares in the former Aussie surfwear giant now in the hands of US-based Boardriders.

Billabong investors who held shares from Monday, April 16, will be paid $ 1.05 per share. share, a 35 percent premium on its trading price the day before January offer.

The company will be removed from ASX at the close of trading Thursday, almost 18 years from its listing in August, 2000.

Billabong directors Ian Pollard, Neil Fiske, Kim Anderson, Howard Mowlem and Elliott Weinstein have resigned immediately.

Also, as director, is the founder of the brand Gordon Merchant, who created the brand firewear when he began designing board shorts on the Gold Coast in 1973.

After announcing a half-year loss in February of $ 18.4 million, warned Billabong's board of shareholders who rejected the offer from Boardriders – owned by US investment company Oaktree Capi tal – would force a new capital increase or asset sale to reduce its debt of $ 220 million.

[ad_2]

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close