Shares in Australian surf and sportswear company Billabong were placed in a trading halt Monday, after reports that a former director had made a new takeover offer.
Paul Naude, who last month stepped aside as director and president of Billabong’s US business to prepare a buy-out bid, is believed to have offered Aus$1.10 ($1.16) per share, the Australian Financial Review said.
“The trading halt is requested pending an announcement by the Company of a possible change of control proposal,” Billabong said in a statement to the Australian Securities Exchange.
Shares in the ailing sportswear firm were at 98 cents.
Billabong shares plunged to an all-time low in October after private equity firm TPG withdrew from its Aus$1.45 takeover offer.
The blow after came Bain Capital, the private equity firm founded by US Republican presidential candidate Mitt Romney, also pulled out of a bid during the due diligence phase.
In February, Billabong’s largest shareholder and founder Gordon Merchant and fellow investor Colette Paul rejected a separate takeover bid from TPG at Aus$3.30 a share.
Billabong in trading halt amid takeover reports
