BILLABONG investors have voted overwhelmingly to sell the iconic Gold Coast brand to the US-based owners of Quiksilver, Roxy and DC Shoes for $210 million.
The deal was struck after Boardriders increased its $1 a share offer to $1.05 a share just minutes before a vote meeting was due to get underway at Billabong’s Gold Coast headquarters on Wednesday.
In their statement to the ASX, the Burleigh-born company said … More
Struggling surfwear icon Billabong has warned it cannot carry on business as usual if a takeover by the owner of rival Quiksilver does not proceed, as the company reported worsening revenue and net loss for the first half of the year.
Billabong posted a net loss of A$18.4 million ($20m) for the six months to December 31, worse than A$13m a year earlier, while revenue declined seven per cent to A$476.4 million.
The company reiterated it expects … More
Tesla isn’t even present at this year’s Detroit show—typical for a company that shuns the traditions of the hidebound auto industry. But it’s a topic of conversation nonetheless, as industry insiders speculate over whether the company can iron out manufacturing snafus that have marred the launch of its first mainstream vehicle, the Model 3 sedan. Tesla desperately needs the cash flow from vigorous Model 3 sales, yet production has stalled due to problems with the big batteries that power all Tesla electrics.
“As somebody said about health care, production is complicated,” Rebecca Lindland of Cox Automotive said during a presentation for journalists at the Detroit show. “Tesla has got to get Model 3 production figured out.” … More
…Boardriders, Inc., a global action sports and lifestyle company that owns and operates the Quiksilver, Roxy, and DC Shoes brands, announced today that it has signed a definitive agreement to acquire all of the shares of Billabong International Limited (ASX:BBG). The combination of Boardriders and Billabong will create the world’s leading action sports company with sales to over 7,000 wholesale customers in more than 110 countries, owned e-commerce capabilities in 35 countries, and over 630 retail stores in 28 countries. The combined company will include some of the most coveted brands in the industry as Billabong, RVCA, Element, VonZipper, and Xcel are added to the Boardriders family of brands … More