Billabong stocks jumped 30% to $0.19 this afternoon, after it revealed that its refinancing talks with two Altamont Capital Partners and Sycamore Partners were going well.
The surf brand had been exploring separate takeover deals with the two firms since January. Shares plunged earlier this month after Billabong revealed that it had failed to secure a buyout and would seek refinancing instead, to pay its debt.
Billabong told investors just after 2pm today that separate “refinancing and asset sale discussions are well advanced with both” of the private equity firms.
“There is no guarantee that binding documentation acceptable to Billabong will be agreed with either Altamont or Sycamore in relation to the potential refinancing transaction,” it noted.
Billabong was trading at $0.147 just prior to today’s announcement, up from its $0.13 at yesterday’s close.
Via investing.com, here’s what has happened since the takeover talks fell through on 4 June:
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