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Tuesday, Mar 19, 2024
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West 49 Shareholders Sign Off on Acquisition by Billabong

Shareholders of West 49 have approved the sale of the company to Irvine’s Billabong USA, which faced a brief contest to acquire the Canadian retailer in July.

Shareholders of West 49 voted nearly unanimously for Billabong’s $93 million buyout. The deal is set to close later this month or in early September.

West 49, based near Toronto, runs a chain of 138 mall stores in Canada selling clothes inspired by skateboarding and snowboarding.

Billabong USA, part of Australia’s Billabong International Ltd., vied briefly with Zumiez Inc. to buy West 49.

Zumiez, which is based near Seattle and runs a chain of stores selling clothes inspired by skateboarding and snowboarding, dropped its bid for West 49 in July after it failed to reach agreement with the company on a review of its books.

The deal stands to more than double Billabong’s North American stores to 230.

Billabong makes clothes and other products under the Billabong, Element and Von Zipper brands, among others.

With a series of acquisitions Billabong has grown into a major retailer, running several store chains.

In all, Billabong has more than 300 stores in North America, South America, Europe, Asia and Australia.

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