So no, there’s been no stalling going on, but Billabong today announced that it has agreed to a request from Paul Naude and his Sycamore Consortium to extend their exclusivity offer period 10 more days until May 8, 2013.
Billabong and the Sycamore Consortium agree that both have been working constructively and with the utmost cooperation to progress the Quality of Earnings report and the potential transaction. Accordingly that extension has been granted and the period of exclusivity will now conclude on Wednesday 8 May 2013. . . It is anticipated that the extension will be adequate for the completion of the report and its consideration.
So, that means the original 10 day exclusive period (which began on April 9, 2013) has now stretched to a month, but then it appears they don’t work weekends. For the official word from Billabong, follow the jump.
BILLABONG EXTENDS PERIOD OF EXCLUSIVITY
GOLD COAST, 24 April, 2013: On 9 April 2013, Billabong International Limited (“Billabong” or the “Company”) announced that it had entered into a ten business day period of exclusivity with a consortium comprising Sycamore Partners and Paul Naude (the “Sycamore Consortium”) in relation to a non-binding proposal to acquire 100% of Billabong’s shares for A$0.60 cash per share, or at the election of Billabong shareholders, scrip in a Sycamore affiliate to be incorporated for the purposes of making the bid. This period of exclusivity concluded on Tuesday 23 April 2013.
Sycamore has requested an extension to the exclusivity period of a further 10 business days.
Billabong and the Sycamore Consortium agree that both have been working constructively and with the utmost cooperation to progress the Quality of Earnings report and the potential transaction. Accordingly that extension has been granted and the period of exclusivity will now conclude on Wednesday 8 May 2013.
It is anticipated that the extension will be adequate for the completion of the report and its consideration.
There is no guarantee that the proposed transaction will proceed, and neither the Consortium nor Billabong is under any obligation to proceed with the proposed transaction unless and until each party determines, in its sole discretion, to execute and deliver a binding Scheme Implementation Deed and proceed with the transaction.
In the meantime Billabong shareholders do not need to take any action in relation to this matter.
