51.5 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

Boardriders Wants to Buy Billabong

Huntington Beach-based Boardriders Inc. offered to buy the shares of Billabong International Ltd. (ASX: BBG) it doesn’t yet own for $1 apiece, in a deal that values Billabong at about $150 million.

Boardriders was Quiksilver Inc. before a bankruptcy and being taken private by Oaktree Capital Management LP. L.A.-based Oaktree also owns 19% of Billabong and is one of its senior lenders.

The offer is about 28% higher than Billabong’s last closing price and the Australia-based apparel company’s board has given Boardriders due diligence access to its books.

Billabong has hemorrhaged money for more than five years; in 2017 it tripled its annual loss, to $58 million. In 2013 it rejected a takeover offer by TPG Capital LP that valued Billabong at $750 million.

Boardriders’ brands include Quiksilver, DC, and Roxy; Billabong’s include RVCA, Element, and Von Zipper.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Previous article
Next article
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-