Billabong International Limited announced that the Federal Court of Australia confirmed its sale to Boardriders.
Shares of Billabong were also suspended from trading on the Australian Securities Exchange.
On March 28, Billabong shareholders overwhelmingly approved a takeover by Boardriders, the parent of Quiksilver, Roxy and DC Shoes. Some 95 percent of votes cast at the meeting approved the scheme. Just before the vote, Boardriders increased the company’s offer from $1 per share to $1.05 per share.
The final purchase price was Australian $210 million (U.S. $162 mm).
Billabong owns Billabong, RVCA, Element, VonZipper and Xcel.
The successful offer represented a 35 percent premium on Billabong’s closing price the day before Boardrider’s proposal was first announced in January.
Boardriders is majority-owned by U.S. investment firm Oaktree Capital, which already held a 19.3 percent stake in Billabong.
Photo courtesy Billabong
