Monday, January 14, 8:01 AM
In a statement confirming its participation in a bid for Billabong (BLLAY.PK), V.F. Corp. (VFC) says its primary interest in the transaction is the Billabong surfwear brand. The company is quick to note the proposal is not a binding offer.
Comment![Consumer, M&A, Global & FX]
Monday, January 14, 7:24 AM
Billabong (BLLAY.PK) says it received a competing buyout offer from a group of U.S. investors that includes V.F. Corp. (VFC). The Australian surfwear company will take six weeks to evaluate the competing bids it has in front of it.
Comment![Consumer, Global & FX, M&A]
Monday, February 27, 2012, 2:43 AM
Billabong (BLLAY.PK) rejects TPG Capital's A$765M ($823M) offer, saying it doesn’t reflect the "fundamental value" of Billabong with a change in control and that Gordon Merchant, Billabong's founder and largest shareholder with a 15% stake, wouldn't accept such a low price. Billabong closed +4.8% in Aussie trading.
Comment![M&A, Consumer, Global & FX, On the Move]
Friday, February 17, 2012, 3:51 AM
P-E firm TPG Capital offers to buy out Billabong (BLLAY.PK) for A$765M ($823M), a 68% premium to Billabong's previous close. Billabong's share price plunged after it cut forecasts on Dec. 19, but the company is rejecting TPG's bid in hopes the sale of its majority stake in its Nixon brand will help "stabilize" its balance sheet.
Comment![Consumer, Global & FX]