UPDATE: Embattled surfwear retailer
Billabong has requested an indefinite suspension of its shares as
takeover talks continue with its two potential suitors.
As
previously reported on ragtrader.com.au, the company's shares were
due to resume trading on Thursday after it called for a trading halt
earlier in the week to sort through rival takeover bids from Altamont
Capital Partners and Sycamore Partners Management.
Billabong
has since indicated that the trading suspension should remain in
place until it can make an announcement about the takeover
negotiations.
Surfwear retailer Billabong has halted trade in its shares as it sorts through the tail end of two private equity bids.
The company has been the subject of a bidding war between Altamont Capital Partners and Sycamore Partners Management since January this year.
The plot thickened when the consortium comprising Altamont Capital Partners and VF Corporation rivalled an initial bid by Sycamore in December to acquire all shares.
While Billabong has made no specific statement so far in regards to the outcome of the takeover discussions, the company has called for a second trading halt in less than two weeks.
Shares for Billabong will remain at a standstill until this Thursday April 4, pending an announcement from the company.
Discussions between the two suitors – Altamont Capital Partners and Sycamore Partners Management – are reportedly still continuing based on the latest offer by both groups of $1.10 a share.
Gold-Coast based brand Billabong
International was founded in Queensland in 1973 and has since
established and grown a portfolio of brands, including Billabong,
RVCA, Element and DaKine.