Boardriders has made a statement to clarify media stories around its proposed acquisition of the Billabong brand.
The statement followed reports that two major shareholders were undecided on the vote.
Ryder Capital and Adam Smith Asset Management have a combined 15.4% stake in Billabong and have called for the board to consider other options.
The two investment firms believe the bid launched by Boardriders undervalues the Billabong brand.
Boardriders reaffirmed that it believes its acquisition of Billabong is in the best interests of shareholders for the ailing brand.
Boardriders CEO Dave Tanner said he believes that the Billabong brand would be a valuable addition to their stable and highlighted the value of a combined entity for the industry.
“I passionately believe in the action sports industry and the Boardriders and Billabong teams.
“This transaction represents the best value for all stakeholders – shareholders, employees, vendors and customers.
“The combined entity will have greater ability to strengthen and advance the action sports industry in a unique and meaningful way.”
In its initial statement, Boardriders claimed it reserved the right to take whatever action it considered to be in its best interests.
In a follow-up statement, the company also advised Billabong shareholders to not place undue weight on statements in the media and directed members to the scheme booklet instead.
It also clarified that any statements in the media regarding what the company may do only related to the scenario where their transaction was voted down by shareholders.