Turns out Bain Capital, the company co-founded by US Presidential bumbler Mitt Romney, is not interested in purchasing Billabong, according to a story last week in the Sydney Morning Herald.
Billabong said today the second party to make a takeover offer had now withdrawn from the formal process. . . The company’s shares slumped as much as 6.9 per cent after coming out of a trading halt this morning and were recently trading at $1.335, down 11 cents, or 7.6 per cent, well below the value of the offers.
But the most interesting comment cam from IG Markets analyst Cameron Peacock.
‘‘They are a struggling retailer,’’ he said. ‘‘As a shareholder the only reason you would have been comfortable holding this stock was because it was under takeover offer. ‘‘I’m surprised it is only down seven per cent.’’
Maybe Billabong should swap out their “Life’s Better In Boardshorts” tagline for a new one: “We’re A Struggling Retailer.”
[Link: Sydney Morning Herald]
You seen the lady running the show . Pearls / kooky ex target CEO. Billabong are Gooone!
shocking. They are an investment firm. Billabong is a BAD investment.
Stoops
As a stockholder, I believe Naude should be fired as my shares have become worthless under his watch. It seems a bit insider that he’s trying to buy the company.
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