Just four months after his takeover attempt of Billabong failed, Paul Naude has unveiled his new brand. The unsuccessful takeover made Naude's position at Billabong untenable and it was widely known Naude was head hunting talent to join him in his new venture, the details of which had been secret until now.
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.
