Takeover target Billabong has been placed into a trading halt until Thursday so the company can continue talks with its suitors.
“The trading halt is necessary so that the company can continue negotiations whilst ensuring that the market does not trade on an uninformed basis,” Billabong said in a statement today.
Billabong will make an announcement on Thursday. A US consortium led by the retailer’s former Americas head Paul Naude is running a ruler over the company as part of exclusive takeover talks.
Before today’s trading halt, it had been due to update the market on the negotiations tomorrow.
Billabong last traded at 45 cents.