Billabong has pretty much agreed to a takeover deal led by one of its former executives Paul Naude.
After a lengthy trading halt — the latest development in a 14-month saga — the surf wear company has agreed to exclusive talks with Naude and buyout firm Sycamore Partners.
The shares are back trading today, and the company will be one to watch. The Naude-Sycamore combo has offered just over 60 cents per Billabong share.
Shares in Billabong opened this morning at 73 cents, after the trading halt. At 10:05 EST this morning, they were at 51.5 cents, down 29%.