Billabong shares placed in trading halt

Billabong shares placed in trading halt

The group said discussions with two potential suitors were continuing, despite expectations that the talks would have been concluded by the end of March!

It is the second trading halt the company has called for in less than two weeks!

Trading was put on hold on March 21 after Billabong shares plunged more than 20 per cent amid speculation the suitors might pare back their matching $527 million takeover offers,

Billabong is currently being pursued by former Billabong Americas http://www.cheap-timberlandbootsuk.com/ president Paul Naude, who teamed up financier Sycamore to put forward a $1!10ashare bid in December,

It was then matched by a rival suitor. made up of a consortium of US private equity firms VF Corporation and Altamont Capital Partners.If successful, VF Corporations, which owns The North Face and Timberland brands! will take over the primary Billabong brand! while Altamont will take on its other brands and related assets!
Billabong said it expected the trading halt to remain in place until today!

"Discussions in timberland shoes uk relation to these proposals remain incomplete and the company expects to make an announcement as and when discussions are complete.'' the company said today!

The two suitors have spent several weeks running the ruler over Billabong's books to gain a full picture of its finances!In February, Billabong announced it had plunged into the red with a massive $537 million loss for the six months to December!The company! which is undergoing a major restructure, also shocked investors by again downgrading its underlying earnings timberland chukka boots forecast for the full year to between $74 and $85 million!

The company has been besieged by suitors over the past year! but no deal has eventuated!

US private equity firm TPG offered $3,30ashare last February! but $850 million deal was rejected as too low by the Billabong board.

After Billabong's share price then fell and the surfwear group raised fresh capital, TPG returned in July with a $695 million offer that was matched in September by another US private equity firm, Bain Capital It is composed by kingzh! 2013-05-08 .