Billabong has reportedly wrapped up their exclusive talks with Paul Naude and his Sycamore Partners bakers and now it’s time for them to make a decision, according to a story in The Australian. They could make an announcement sometime today. But some analysts don’t like the deal at all.
Credit Suisse research analyst Grant Saligari has said the 60c offer is a weak one for shareholders, and he criticised Billabong’s decision to allow the Sycamore consortium to have exclusive access to its books after months of due diligence studies and without dropping any of the conditions attached to the proposal. . . The consortium has made its offer conditional on there being no material adverse change in the company’s performance, availability of funding and a minimum 15 per cent of Billabong shares being swapped for scrip in the new holding company.
Guess we’ll all know when we know.
[Link: The Australian]
when do the shareholder lawsuits get released?! billabong blowing it.
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