Billabong to exit ASX as takeover wraps up


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.



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