Troubled surfwear retailer Billabong has left takeover proceedings in the lurch again.
Billabong, which most recently confirmed that it had entered into a period of exclusivity with the Sycamore Consortium in relation to its takeover, has requested another trading halt on the Australian Securities Exchange (ASX).
According to a market statement, the securities of Billabong International Limited will be placed in Trading Halt Session State at the request of the company, pending the release of an announcement by the company.
Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the commencement of normal trading on Thursday, May 9 2013, or when the announcement is released to the market.
This is the third trading halt requested by Billabong in recent weeks.
As previously reported on ragtrader.com.au, on April 2, Billabong halted trade in its shares to sort through the tail end of two private equity bids from Altamont Capital Partners and Sycamore Partners Management.
Shares for the company were meant to resume two days later, but Billabong soon requested that the trading suspension remain in place pending an announcement about the takeover negotiations.
On April 11, Billabong confirmed that it had entered into a 10 business day period of exclusivity with the Sycamore Consortium in relation to a non-binding proposal to acquire 100 per cent of Billabong's shares for AU$0.60 cash per share.
The 10 business day exclusivity period
has been granted to the Sycamore Consortium to allow it to engage an
internationally recognised accounting firm to complete a confirmatory
quality of earnings analysis, typical of an acquisition debt
financing.
In addition, Billabong has also negotiated a Scheme
Implementation Deed (SID) with the Sycamore Consortium, although no
binding agreement has yet been entered into.