Billabong shares halted on takeover speculation

Billabong shares have been placed in a trading halt, pending an announcement about a potential takeover.

The surfwear company's shares had risen around 5 per cent in morning trade to 98 cents before being halted on a report in the Australian Financial Review that one of the company's directors had made an offer for the company.

Paul Naude, the head of Billabong's US business, to try and find financial support for a takeover offer.

The AFR is reporting Mr Naude's bid will be pitched at $1.10 a share, which would value the company just under $530 million.

That is considerably below a $1.40-a-share offer from TPG, worth almost $700 million, which the private equity firm subsequently withdrew after going through Billabong's books.

Billabong shares will be halted until Wednesday or until the company makes an announcement about the potential takeover offer.

Market Data

  • Currencies
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    NamePriceChange% Chg
    0.9275-0.009-0.96%
    AUDUSD=X
    0.5519-0.0047-0.85%
    AUDGBP=X
    0.6716-0.0068-1.00%
    AUDEUR=X
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