Quiksilver wants to acquire Billabong

Quiksilver wants to acquire Billabong”

Sports apparel seller Billabong International Ltd confirmed on Friday it has received an indicative takeover proposal from Boardriders Inc, which values the company at about A$198 million ($150 million).

It suffered a 58 million dollar (49 million euro) loss only last year, but that was already three times as much as in the year before. Boardriders, through its controlling fund, already owns 19 percent of Billabong.

As well as Quiksilver, Boardriders is home to RVCA, Element, Von Zipper and Honolua Surf Company brands.

Quiksilver, now known as Boardriders but still selling clothes under the original name, offered $1 per share, a 28.2% premium when judged against Thursdays close price.

Centerbridge Partners is the second senior lender for Billabong, while company founder and board director Gordon Merchant also holds 10.46% of shares, according to Australian Financial Review.

The due diligence process is expected to take a number of weeks and the proposal is subject to a number of conditions, including a definitive agreement between the parties, and shareholder and court approvals.

TPG Capital Management also bid for Billabong in 2012 and offered four times more than what is being offered right now.

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