Billabong poised for takeover as share price tumbles
Australian surfwear retailer Billabong International saw its stock slump 36% when it resumed trading on Monday following a heavily discounted $225 million rights issue. The company is now worth less than one third of the value of TPG Capital’s A$841 million ($904 million) buyout offer, made in February.
As of midday Tuesday, the stock had recovered 7.81% to A$1.03, but it is still down more than 82% on a one-year basis. According to The Sydney Morning Herald, Billabong's founder and major shareholder...
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