BILLABONG International
Australia's Billabong gets USD821m offer
Australian surfwear group Billabong International has received an AUD766 million (USD821m) takeover offer from a private equity group that is believed to be TPG Capital, the Australian Financial Review reported on Thursday, without naming its source.
Billabong chairman Ted Kunkel received the offer of at least AUD3 a share on Tuesday, the newspaper said, while local and international banks had given commitments to finance the offer.
Billabong expects earnings decline
Billabong International shares have plunged by over 30 percent after it forecast a decline in earnings for the first half of the current financial year.
The Australian surfwear retailer expects to report earnings before interest, tax, depreciation and amortisation (EBITDA) of between AUD70 million (USD69.4m) and AUD75m in the six months to 31 December 2011, it said on Monday.
That would be up to 26 percent down from the reported EBITDA of AUD94.6m in the prior corresponding period.
