BILLABONG'S NEW SUITOR COMES FROM WITHIN

BILLABONG'S NEW SUITOR COMES FROM WITHIN

BILLABONG (ASX:BBG) has received another takeover offer, this time from one of its directors – Paul Naude.

The 56-year-old will stand down from his roles of director and president of the Americas for at least six weeks to investigate a potential proposal for a leveraged buyout of the company.

Naude is a long-term employee of Billabong and surf industry veteran, having been involved since 1973.

BBG has put a number of protocols in place for Naude as he seeks backers to take control of the company.

The company says it will treat any potential offer from Naude in the same way as previous proposals from TPG and Bain Capital.

Both suitors withdrew their offers to buy BBG after entering a due diligence process.

BBG says Naude is acting independently and that its priority remains implementing a transformation strategy created by CEO Launa Inman.

“Naude’s decision was not solicited by the Board of Billabong and Mr. Naude has confirmed that there is no agreement, arrangement or understanding with any member of the Board or Billabong’s senior management team in regard to his proposal,” says the company.

The BBG share price jumped by more than 10 per cent today to 81.7 cents a unit.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

The Australian screen sector has bagged two major wins today, with ...

Scrap metal recycler Sims picks up Brisbane port site for $88 million

Scrap metal recycler Sims picks up Brisbane port site for $88 million

In order to acquire one of the few remaining Brisbane sites with de...

“No one plans for these things”: Metricon acting CEO denies crisis rumours following founder’s death

“No one plans for these things”: Metricon acting CEO denies crisis rumours following founder’s death

Just days after the sudden and unexpected death of Metricon founder...