Billabong reduced to a ripple
Tuesday 09/04 263
Billabong today anounced that it had begun exclusive talks with one of its takeover bidders, ex-head of its North American division, Paul Naude, and his backers, Sycamore Partners. The move is a sign that the Billabong saga is finally drawing to a close. The deal, if it holds, will see Naude acquire the beleaguered company for $0.60 a share valuing Billabong at just $287 million, a paltry sum for a once-mighty company worth $5 billion only five years ago.