Thanks to all kinds of rumors surrounding a possible $1.10 a share buy-out by Billabong America’s president Paul Naude, trading in the company’s stock has once again been halted, according to a story in the Hearld Sun.
Mr Naude, who stepped aside from the role last month to investigate a management buyout, is believed to have lined up US-based private equity group Sycamore Partners to help fund the deal. . . According to market speculation, the offer was put to Billabong chairman Ian Pollard late on Friday. . . It would value the company at $526.8 million. . . The group’s shares jumped to a two-month high of $1.01 yesterday as opportunity-hungry investors leapt on early speculation of a deal shortly after 11am.
The halt on trading was requested by the company “until tomorrow, pending an announcement.” Well, Parko won the world title, so guess that means the deal has to go through.
[Link: Herald Sun]