Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at firstname.lastname@example.org in case you need any other additional information.
Billabong further advised on Friday, 27 July 2012 that, subject to negotiation of an appropriate confidentiality agreement, TPG would be granted the opportunity to conduct non-exclusive due diligence in order to reduce the conditionality of its proposal and to improve its understanding and valuation of Billabong.
The Board also advised that it does not believe that TPG's proposal reflects the fundamental value of Billabong in the context of a change of control transaction. A confidentiality agreement has subsequently been agreed with TPG and its due diligence has commenced.
The Board of Billabong announces that, following the close of trade on Wednesday, 5 September 2012, it received an indicative, nom-binding and conditional proposal from another party interested in acquiring all of the shares in the company and which states "we currently propose a cash consideration value of around $1.45 per share".
The proposal is subject to due diligence and conditional on a number of other matters equivalent to those in the TPG proposal. A confidentiality agreement with this party has also been agreed. As such, the Board of Billabong has concluded that it will also grant this party the opportunity to conduct non-exclusive due diligence in order to reduce the conditionality of its proposal and to improve its understanding and valuation of Billabong. As is the case for TPG's proposal, the Board does not believe that this proposal reflects the fundamental value of Billabong in the context of a change of control transaction.
The Board of Billabong now considers that the interests of shareholders will be best served by a formal process to thoroughly evaluate whether a change of control offer, at a price and on terms that the Board would recommend, ca n be secured.
In order to ensure that the process operates as effectively as possible, the Board does not intend to make any further announcements unless and until a recommended offer is secured, or unless there is a development which it considers requires disclosure. This process is expected to take several weeks.
The Board of Billabong reiterates there is no guarantee that,following this process, a transaction will be agreed or that the Board will recommend any proposal.
Billabong has established and grown many of the leading brands in the global board sports market. Those brands, which include Billabong, RVCA, Element and DaKine among many others, are internationally recognised and globally distributed. On Monday, 27 August 2012, Billabong announced its Transformation Strategy which provides a clear pathway to unlocking the inherent value within the company.
In any control transaction, the Board of Billabong will seek to ensure that the medium to long-term prospects of the company and its unique brands are reflected in the value realised by Billabong's shareholders.
| On 4th Jul 2020
Twenty UK retailers have signed a declaration to develop a road map...
| On 4th Jul 2020
Kenya's Thika Cloths Mills that was on the brink of closure following ...
Amazon, the largest online retailer, has joined CanopyStyle...
Fashion industry likely to remain labour-intensive in coming years
Bridalwear is not about reds and whites anymore
There is rising demand for fancy, trendy and yet comfortable footwear
Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....
Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...
J Korin started as a partnership firm with four powerlooms in the textiles ...
Larry L Kinn
Larry L Kinn, Senior Vice President - Operations Americas of Suominen...
Headquartered in Belgium and with offices in the United Kingdom, Portugal...
With forces in engineering and process development, Andritz Nonwoven...
<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...
Sarah Denise Cordery
Sarah Denise Studio
Manchester, England-based Sarah Denise Studio provides relevant fashion...
Whistling Woods International School of Fashion
<div>A lack of upgraded courses in costume designing and fashion as per...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.