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Billabong announces that the unsolicited proposal from TPG has been withdrawn by TPG and discussions have ceased.
As a result, the formal process to evaluate change of control proposals that was announced on Thursday, 6 September 2012 has concluded. Billabong continues to implement its Transformation Strategy detailed on Monday, 27 August 2012. This strategy, under CEO Launa Inman, provides a clear pathway to unlocking the inherent value within the company.
“The Board is pleased with the progress around implementation of the Transformation Strategy and structural organisational change being driven by CEO Launa Inman,” Billabong Chairman Ted Kunkel said “Acting in the best interests of shareholders has meant that we have remained focused on implementing the Transformation Strategy throughout the formal process.”
The company today reiterates the financial outlook as set out in the full year results presentation announced on Monday, 27 August 2012. The company expects the current challenging retail trading conditions to continue during FY13.
Assuming no further deterioration in these conditions, FY13 EBITDA is expected to be in the range of $100-$110m in constant currency terms.
This compares to pro-forma FY12 EBITDA of $84m, excluding 100% of Nixon and significant and exceptional items.
The result is expected to be driven by:
Based on first quarter performance, Billabong is on track to achieve this guidance.
Billabong is targeting EBITDA in FY16 of >2.5x FY12 pro-forma EBITDA of $84m through a range of initiatives, including simplifying the business, investing in key brands, building the global ecommerce platform and the globalisation and integration of the supply chain.
The Board believes Billabong has an attractive independent future as a leading global boardsports wholesaler and retailer. Billabong has established and grown a portfolio of unique brands, including Billabong, RVCA, Element and DaKine among many others, which are internationally recognised and globally distributed.
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