Dec 18, 2012

Billabong: how many waves will the stubborn surfie miss?

Billabong executive Paul Naude is set to lodge a firm bid for the company. But will investors take the money and run? Or will Gordon Merchant again hold out for more?

Toot toot! That’s the sound of Australia’s biggest corporate train wreck rolling around the corner in the shape of beleaguered surfwear group Billabong.

The company entered a trading halt yesterday, citing a forthcoming announcement about a takeover. The source of the bid is executive Paul Naude, who stepped aside from his duties a few weeks ago in order to put a takeover together.

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