There were still a number of regulatory hurdles the deal had to go through, including a possible intervention of the ACCC, but from the moment the deal was announced Boardriders had their eyes fixed on the finish line. Right on schedule, the 24th April Boardriders, Inc. You may have bought a house, in which you signed a contract, got your finance lined up, engaged a lawyer or conveyancer, signed a transfer and on the settlement date you your bank pays the purchase price with some adjustments and you get the keys to the house.
Now it is yours, to love and to hold and forever maintain. Is it the same for this type of transaction? Yes and no, but mostly no.
So how does it happen? First up, Boardriders would have approached the Billabong Board of Directors with an offer at a certain price per share. The Board thought, at that time, that this was in the best interests of shareholders. Which means, in their view at that time, Billabong was going nowhere. Billabong is a public company and was listed on the Australian stock exchange ASX and had many thousands of investors. There are three ways to buy an ASX listed company:. Boardriders acquisition of Billabong was by way of scheme of arrangement.
Credit: Chris Hyde. A Billabong spokesman declined to comment or confirm if Coastal, which owned 5 per cent of the stock, had approached the board seeking representation. However, it is understood chief executive Neil Fiske is intent on getting runs on the board and is wary of over promising and under delivering.
Mr Plutsky applauded Billabong's focus on the turnaround, but suggested the board was too dominated by its private equity investors. It may take a few minutes to update your subscription details, during this time you will not be able to view locked content. If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in. Registration for this event is available only to Eureka Report members. View our membership page for more information.
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Our Story. Free Membership. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. Billabong's need to 'reduce debt' Boardriders describes itself as "a global action sports and lifestyle company", with products sold in more than countries. Billabong shares traded 2.
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