Trading was halted today (Thursday, February 16, 2012) on shares of Billabong “pending an announcement on the strategic capital structure review,” according to a story on Bloomberg.
The company, which is due to report earnings for the six months ended Dec. 31 tomorrow, didn’t mention the Australian Financial Review report or say whether it received an approach. . . John Mossop, a spokesman for Billabong, said he couldn’t comment beyond the statement. A Sydney-based spokeswoman for TPG declined to comment.
The offer, said to be worth at least $3 a share, was reportedly presented to Billabong chairman Ted Kunkel this week, and would offer a premium of about 70 per cent to the stock’s last close of $1.79. . . The offer was believed to have been made by US private equity giant TPG. Private equity firms have of late targeted Pacific Brands, Spotless and PaperlinX.
“Chip Wilson exemplifies the values of a visionary entrepreneur,” Peter Gustavson, founder and chair of the Distinguished Entrepreneur of the Year Award committee, said in a statement Monday. “He turned a passion for health and fitness into a world-wide movement and has inspired countless others through his unique outlook and commitment to quality. His values permeate everything he does.”
The Sydney Morning Herald is quoting “sources close” to Billabong as saying that CEO Derek O’Neill will be “removed as CEO” soon thanks to “declining sales and rising debt,” but officially the company is denying that.
Billabong last night moved to quash rumors that embattled chief executive Derek O’Neill would soon be dumped by the board, amid growing concern among major investors about the surf wear company’s performance. . . Billabong chairman Ted Kunkel said last night: ”I categorically deny the suggestion.”
We’re going out on a limb to say that we think the board will do whatever they think is best for the stock.
The annual snow buying cycle is well underway and with it comes the nationwide on-snow demo tours. The Western Winter Sports Reps Association holds two separate events in California (in addition to their Northwest demo)—the Nor Cal demo was held at Alpine Meadows on Monday and Tuesday, February 6 and 7, 2012 and will end the week with two consecutive days for SoCal retailers at Mammoth Mountain on the 8 and 9th.
Though the WWSRA/SIA National Demo at Winter Park, Colorado was well attended, according to WWSRA Director Cami Garrison, this years buying cycle and subsequent demos have been a bit of an afterthought for many retailers struggling in the current season. “When I went to SIA we literally had only 40 people pre-registered for the Nor-Cal event,” she says. “But, as soon as we got back, bam—everyone started signing up.”
All told, Garrison had 256 people sign up ahead of time for the Alpine Meadows event and by the end of day one she gauged attendance at about 390. For $25 a person, retailers are able to test boards, boots, bindings, accessory items from the various rep and manufacturer booths set up in the parking lot at the base of the resort. The WWSRA also throws in free beers and a hot-dog lunch each day.
A high-end Swiss watch company might be the last thing you’d think to find in the middle of the C3 Worldwide brand stable, but this past December the company became the North American partner of Home.
“I spent my first ten years working for Swatch,” reminds C3 president and CEO Bob Gundram. “I retained a lot of those contacts through my career. When I was introduced to Swiss brothers Jak and Eddie Doose last year and saw their ideas for Home, I knew we could help them out in North America.”
The company aims to differentiate itself with its Swiss heritage and high–end materials like Swiss quartz, stainless steel, and even anodized aluminum. With price points starting at $300 and topping out around $700 they aren’t exactly for the faint of heart, but the oversized styling makes them a great statement piece. Supported by team riders Travis Rice, Gigi Rüf, and Mark Sollors, Home is gaining traction fast.
Day two of the 2012 SIA Show in Denver began with sunshine and partly cloudy skies, but by 10:30 AM Downtown Denver was engulfed in a classic mid-winter snowstorm making getting to the show a lot more like getting to the lifts. But it is the Snow Show, right?
On day two the mood of the show began to make itself more known. Traffic is definitely down in the aisles. Booths that last year were a non-stop parties are quiet and business-like. The parties that last year required pushing, shoving, and friend calling to get in were casual walk-ins this year.
While those at the show are doing business and brand reps have been busy showing lines, a snowless December really did its damage to the shops. As one retailer told us, “Fall was great. But December was terrible. January is right back to normal, but we’ll never be able to make up for December.”
An overall mood of caution seemed to hover over every discussion and it seems that trickled down to the parties as well. That said, the slight drop in hype made everything that much easier to negotiate.
We’ll continue to add more images to these galleries, so check back often for updates. For live updates during the day be sure to follow us on Instagram @Boardistan or Twitter @boardistan or on Facebook.
Travis Rice (above with C-3 President Bob Gundrum and Union’s George Kleckner) has added Union Bindings to the list of brands he whole-heartedly supports. During his Transworld Riders’ Poll acceptance speech Rice let everyone know he was on the program.
It’s amazing what Union has been able to achieve in the past eight years. More than just making the best bindings on the market, they have created a successful business with family values. I’m very proud and honored to join the incredible Union team.”
Rice joins Dan Brisse, Jess Kimura, Danny Kass, Gig Rüf and the rest of the Union team. Follow the jump for all the official details. [click to continue…]
GoPro is proud to announce the addition of Shaun White to their team of action sports stars who like to film themselves while they do what they do.
Shaun White is joining GoPro’s progressive team of snowboard athletes that include Mike Basich, Tim Humphreys, Eric Willett,Jamie Anderson, Hannah Teter and Devun Walsh.
For the honor we’re guessing GoPro is paying Shaun an ungodly amount of money, and in return they’re going to get hours of promo and some amazing footage. Not a bad trade. [click to continue…]
Night one of the 2012 Snow Industries of America show began at Denver’s Casselman’s for 686 Outerwear’sLights Out! boxing. The night featured The Dingo on the mic, Danny Kass as a referee and some of action sports’ biggest names duking it out in the ring.
Transworld Media Editorial Director Rob Campbell went toe-to-toe with Frends‘ Sean Lake (Lake prevailed). Sketchy D got in on the action. But the night’s biggest brawl came in a classic battle of “my CEO can beat up your CEO” when Electric Visual Co-President Bruce Beach and Vestal CEO Johnny Gehris stepped into the ring in what looked like a Costa Mesa grudge match royal. Neither fighter saved anything for later. The two fought like warriors trading damage until a Beach right cross to the nose forced Gehris to throw in the towel late in the last of three rounds.
Trading was halted today (Thursday, February 16, 2012) on shares of Billabong “pending an announcement on the strategic capital structure review,” according to a story on Bloomberg.
