Billabong Shareholders Agree To Sell Out

by The Editors on March 28, 2018

It’s official, last night (March 27, 2018) 95.45 percent of Billabong’s shareholders voted to sell the company to Boardriders (the parent company of Quiksilver, DC Shoes, et. al.) for $1.05 a share according to a story in the Daily Telegraph.

The successful offer represented a 35 per cent premium on Billabong’s closing price the day before Boardrider’s proposal was first announced in January. . . Boardriders chief executive Dave Tanner said the deal offered the best value for shareholders, employees, vendors and customers. . . “We are pleased to see that the Billabong shareholders recognised this value, and have approved the proposed acquisition,” Mr Tanner said. . . “We have now cleared a significant milestone, and we are one step closer to creating the world’s leading action sports company.”

So finally Billabong and Quiksilver are nestled together in the loving arms of Oak Tree Capital. What does this mean? Not a whole lot to anyone not financially involved in the deal.

[Link: Daily Telegraph]

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