Billabong takeover given green light by shareholders

Billabong takeover given green light by shareholders

The takeover of famous surf brand Billabong (ASX: BBG) has been given the go-ahead by shareholders on Wednesday with slight adjustments to the initial agreement.

At the meeting of shareholders, the takeover of Billabong by Quicksilver parent Boardriders, Inc. (Boardriders) was approved by the majority of shareholders in a deal worth $208 million.

Boardriders will now acquire all of the shares of Billabong other than those owned by its related entity, Oaktree Capital Management.

Just before the shareholder meeting, Billabong and Boardriders entered into an agreement to increase the consideration per share from $1.00 to $1.05 per share.

The purchase agreement was passed by the majority of shareholders with 95.45 per cent voting in favour of the agreement.

The arrangement remains subject to court approval in order to be implemented. Billabong has applied to the Court for approval of the transaction at a hearing to be held on Friday, 6 April 2018 at the Federal Court in Sydney.

Billabong came very close to not pushing the deal over the line last week when Ryder Capital and Adam Smith Asset Management, who had a combined 15.4 per cent stake in Billabong, were called out for slowing down the process.

Boardriders chief executive David Tanner said at the time there would be "blood on the hands" of shareholders who decided to block the takeover.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Sydney home theatre retailer Life Style Store enters administration with 35 jobs lost

Sydney home theatre retailer Life Style Store enters administration with 35 jobs lost

A North Parramatta store that describes itself as the "largest...

Sushi Sushi catches a new fish with Sushi Musa acquisition

Sushi Sushi catches a new fish with Sushi Musa acquisition

One of Australia's leading quick service retail (QSR) food chai...

Crypto platform Block Earner not out of the woods as ASIC appeals court ruling

Crypto platform Block Earner not out of the woods as ASIC appeals court ruling

Cryptocurrency trading app Block Earner has been brought back into ...

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

A national vertically integrated farming and ready-made salad manuf...