A $198 million acquisition bid for Billabong has been dubbed fair and reasonable by an independent expert.
In a scheme booklet distributed to shareholders, a report by Grant Samuel & Associates gives the offer the green light in lieu of a superior bid.
On January 5, Billabong announced it had entered into a Scheme of Arrangement which would see all shares acquired at a price of A$1 per share in cash.
The offer was put forward by Quiksilver parent company Boardriders.
A meeting has been scheduled for March 28 for shareholders to vote on the scheme.