Billabong announced it was halting trading of its
shares on the Australian Securities Exchange (ASX) pending an
announcement regarding the sale of the company. The company has entered into an exclusivity agreement with a group led by its former American chief executive, Paul Naude, and the buyout firm Sycamore Partners Management to acquire 100 percent of Billabongs shares for A60 cents (U.S. 63 cents) cash per share.
Besides Billabong, the company’s brands include Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Xcel, Tigerlily, Sector 9, DaKine and RVCA brands.
Billabong announced the halt in trading in a statement to the Australian Securities Exchange due to possible transactions affecting the company, including in connection with the bid process announced on January 14.
Billabong previously extended the exclusivity period for negotiations with Paul Naude and Sycamore Partners through May 8.
