{"id":28599,"date":"2012-02-23T19:21:03","date_gmt":"2012-02-24T03:21:03","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=28599"},"modified":"2012-02-24T09:51:39","modified_gmt":"2012-02-24T17:51:39","slug":"billabong-buyout-offer-still-way-low","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=28599","title":{"rendered":"Billabong Buyout Offer Still Way Low"},"content":{"rendered":"<p><a href=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2009\/12\/billabong_logo-1.jpg\" onclick=\"window.open('http:\/\/www.boardistan.com\/wp-content\/uploads\/2009\/12\/billabong_logo-1.jpg','popup','width=210,height=35,scrollbars=no,resizable=yes,toolbar=no,directories=no,location=no,menubar=no,status=yes,left=0,top=0');return false\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2012\/02\/billabong_logo-1-tm2.jpg\" height=\"33\" width=\"200\" border=\"1\" align=\"right\" hspace=\"4\" vspace=\"4\" alt=\"Billabong Logo-1\" \/><\/a>Private equity firm <strong><a href=\"http:\/\/www.tpg.com\/\" target=\"_blank\">TPG Capital\u2019s<\/a><\/strong> offer for <strong><a href=\"http:\/\/www.billabong.com\/\" target=\"_blank\">Billabong<\/a><\/strong> is outrageously low compared to previous fashion label buyouts according to a story in <strong><em><a href=\"http:\/\/www.businessweek.com\/news\/2012-02-23\/billabong-low-value-prompts-wonder-what-tpg-bid-knows-real-m-a.html\" target=\"_blank\">Businessweek<\/a><\/em><\/strong>.<\/p>\n<blockquote><p>Excluding extraordinary items, analysts now estimate Billabong will earn A$64.5 million in the year ending June 2012, according to data compiled by Bloomberg. TPG\u2019s offer is worth almost 12 times that forecast, compared with the median bid of 24 times profit for takeovers of apparel makers greater than $500 million in the U.S., western Europe, and developed markets in the Asia-Pacific region, the data show.<\/p><\/blockquote>\n<p>In other words, TPG is offering half the average multiple for Billabong. In its analysis <em>Businessweek<\/em> questions what exactly TPG knows about the company that would cause it to make such a low offer. Are things that much worse than they appear? Or is TPG just out trolling for bargains?<\/p>\n<p>For an in-depth look at the continuing Billabong situation, <strong><a href=\"http:\/\/www.businessweek.com\/news\/2012-02-23\/billabong-low-value-prompts-wonder-what-tpg-bid-knows-real-m-a.html\" target=\"_blank\">click the link<\/a><\/strong> and read the story. Or check out the Sydney Morning Herald&#8217;s piece <strong><em><a href=\"http:\/\/www.smh.com.au\/business\/billabongs-wipeout-is-a-tragedy-of-errors-20120224-1ttjz.html?rand=1330089248032\" target=\"_blank\">A Tragedy of Errors<\/a><\/em><\/strong>.<\/p>\n<p><strong>[Link: <\/strong><strong><a href=\"http:\/\/www.businessweek.com\/news\/2012-02-23\/billabong-low-value-prompts-wonder-what-tpg-bid-knows-real-m-a.html\" target=\"_blank\">Businessweek<\/a><\/strong> and <strong><a href=\"http:\/\/www.smh.com.au\/business\/billabongs-wipeout-is-a-tragedy-of-errors-20120224-1ttjz.html?rand=1330089248032\" target=\"_blank\">Sydney Morning Herald<\/a><\/strong><strong>]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private equity firm TPG Capital\u2019s offer for Billabong is outrageously low compared to previous fashion label buyouts according to a story in Businessweek. Excluding extraordinary items, analysts now estimate Billabong will earn A$64.5 million in the year ending June 2012, according to data compiled by Bloomberg. TPG\u2019s offer is worth almost 12 times that forecast, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[10,6,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/28599"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28599"}],"version-history":[{"count":4,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/28599\/revisions"}],"predecessor-version":[{"id":28633,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/28599\/revisions\/28633"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28599"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}