×
1 258
Fashion Jobs
FOOT LOCKER
Geo Marketing Manager United Kingdom
Permanent · London
VANS
Account Coordinator - French Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
Tom Ford - Business Manager - Selfridges, Birmingham - 37.5 Hours - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Marketing Executive, Tom Ford Beauty, Kilian, Darphin And le Labo - Travel Retail Emea (Based London)
Permanent · London
ESTÉE LAUDER
Corporate Account Executive, Lagardere, Dfs, Inflight And Aquatic - Travel Retail Emea (Based London)
Permanent · London
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
By
Reuters
Published
Mar 21, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Shares in takeover target Billabong hit record low, halted

By
Reuters
Published
Mar 21, 2013

Billabong, which has been struggling with big losses, has been in talks with two takeover suitors - private equity firm Altamont Capital Partners, led by Billabong's former U.S. boss Paul Naude, and clothing group VF Corp. Due diligence on the bids, pitched by both groups at A$1.10 a share, was expected to be completed by the end of the month.

Shares in Billabong, whose brands include its namesake as well as Von Zipper and Element, sank to an all-time low of A$0.63 and last traded down 14.2 percent at A$0.695, before being placed on a trading halt at the request of the company.

"This one has got people concerned, we've seen four bids already that have all been withdrawn at the due diligence stage," said Michael McCarthy, chief market strategist, CMC Markets.


"The market had more confidence around these bids because they're coming from company insiders, who the market felt would be less likely to fall away in the due diligence process, but the market is obviously nervous ahead of this announcement."

Billabong said the trading halt was needed so it could "investigate the reason for the trading levels", without providing any further detail.

The company had a tumultuous 2012, alienating investors after rejecting a A$3.30 bid by TPG Capital TPG.UL in February as too low. Subsequent offers of A$1.45 from TPG and Bain Capital were withdrawn after due diligence.

Billabong has sold off key assets and replaced its chief executive in the past year as a result of profit downgrades.

It posted a net loss of A$536.6 million in the half year to end December and cut its guidance for the full year.

© Thomson Reuters 2022 All rights reserved.