Interviews
News Flash
Aussie surfwear maker Billabong gets a takeover bid
20 Feb '12
1 min read
Gold Coast, Australia-based Billabong International, the country's largest surfwear maker, has received a takeover bid for Au$ 765 million from TPG Capital.
TPG proposes to spend Au$ 3 for a share of Billabong, subject to certain conditions like exclusivity, due diligence and the firm not going ahead with its asset sales.
Around two months ago, Billabong has undertaken a review of its capital structure, owing to looming debt payments and a decline in earnings.
In the absence of certainty from TPG, Billabong said it would sell off a major share in its Nixon brand to form a joint venture with Trilantic Capital Partners.
Billabong's net sales declined 72 percent year-on-year to Au$ 16.1 million in the six months ended December 31, 2011, the company said.
Currently, Billabong owns 677 retail stores worldwide, and it plans to shut 100-150 outlets after reviewing its network.
TPG proposes to spend Au$ 3 for a share of Billabong, subject to certain conditions like exclusivity, due diligence and the firm not going ahead with its asset sales.
Around two months ago, Billabong has undertaken a review of its capital structure, owing to looming debt payments and a decline in earnings.
In the absence of certainty from TPG, Billabong said it would sell off a major share in its Nixon brand to form a joint venture with Trilantic Capital Partners.
Billabong's net sales declined 72 percent year-on-year to Au$ 16.1 million in the six months ended December 31, 2011, the company said.
Currently, Billabong owns 677 retail stores worldwide, and it plans to shut 100-150 outlets after reviewing its network.
Fibre2fashion News Desk - India
Popular News
Leave your Comments
Editor’s Pick
Kimberly Morgan and Rik Veltman
K3 Business Technology Group PLC
Yohan Lawrence
Joint Apparel Association Forum (JAAFSL)
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
