Iconic Australian surf brand Billabong International has been swallowed by the US hedge fund that owns its rival Quiksilver, but only after a last-minute bid increase and a hard-fought campaign by chairman Ian Pollard to convince shareholders to back the $200 million deal.
Oaktree Capital Management, which already owns 19 per cent of the retailer, increased its bid to $1.05 from $1 per share, minutes before the meeting where shareholders voted on the takeover at Billabong's head office on the Gold Coast.
Loading...
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
