So let’s say your brand is under pressure. Your stock is at the lowest point it’s ever been. The “sharks are circling” and a private equity firm has been low-balling offers since they noticed your were in trouble. What do you do? If you’re Billabong founder and largest shareholder, Gordon Merchant, you buy more stock, according to a story in The Australian.
In a substantial shareholders notice lodged late on Friday, Mr Merchant declared he had bought 2.52 million shares in the surf, ski and skate wear brand at an average price of $3.13 each, lifting his stake from 15.1 per cent to 15.8 per cent.
Hey, if your fortune is already down $240 million what else can you do? Billabong has to come back around right?
[Link: The Australian]
