BILLABONG’S NEW SUITOR COMES FROM WITHIN
19 November 2012,
BILLABONG (ASX:BBG) has received another takeover offer, this time from one of its directors – Paul Naude.
The 56-year-old will stand down from his roles of director and president of the Americas for at least six weeks to investigate a potential proposal for a leveraged buyout of the company.
Naude is a long-term employee of Billabong and surf industry veteran, having been involved since 1973.
BBG has put a number of protocols in place for Naude as he seeks backers to take control of the company.
The company says it will treat any potential offer from Naude in the same way as previous proposals from TPG and Bain Capital.
Both suitors withdrew their offers to buy BBG after entering a due diligence process.
BBG says Naude is acting independently and that its priority remains implementing a transformation strategy created by CEO Launa Inman.
“Naude’s decision was not solicited by the Board of Billabong and Mr. Naude has confirmed that there is no agreement, arrangement or understanding with any member of the Board or Billabong’s senior management team in regard to his proposal,” says the company.
The BBG share price jumped by more than 10 per cent today to 81.7 cents a unit.