The takeover of famous surf brand Billabong (ASX: BBG) has been given the go-ahead by shareholders on Wednesday with slight adjustments to the initial agreement.
At the meeting of shareholders, the takeover of Billabong by Quicksilver parent Boardriders, Inc. (Boardriders) was approved by the majority of shareholders in a deal worth $208 million.
Boardriders will now acquire all of the shares of Billabong other than those owned by its related entity, Oaktree Capital Management.
Just before the shareholder meeting, Billabong and Boardriders entered into an agreement to increase the consideration per share from $1.00 to $1.05 per share.
The purchase agreement was passed by the majority of shareholders with 95.45 per cent voting in favour of the agreement.
The arrangement remains subject to court approval in order to be implemented. Billabong has applied to the Court for approval of the transaction at a hearing to be held on Friday, 6 April 2018 at the Federal Court in Sydney.
Billabong came very close to not pushing the deal over the line last week when Ryder Capital and Adam Smith Asset Management, who had a combined 15.4 per cent stake in Billabong, were called out for slowing down the process.
Boardriders chief executive David Tanner said at the time there would be "blood on the hands" of shareholders who decided to block the takeover.
Business News Australia