Surfwear giant Billabong has commenced a trading halt pending a company announcement - but not before its stock soared amid reports of a $527 million takeover.
Stock was 4.5 cents higher at 98 cents when the trading halt commenced this afternoon.
It has been reported that former director Paul Naude has offered $1.10 a share for the company, a value of $527 million.
Naude was Billabong's president in the Americas and a company board member prior to entering takeover talks in November.
The trading halt will stay in place for two days, or until Billabong requests it to be lifted.
The halt is pending the release of an announcement about a potential change of control.
Billabong has fielded three failed takeover offers this year.
It posted a $275.6 million loss for the year to June 30.
Billabong: Stocked at Wild Surf Co.
