The Gold Coast’s richest surfer, Billabong founder Gordon Merchant, looks lined up to suffer a massive wipeout. Mr. Merchant, the largest shareholder in the iconic Gold Coast-based surfwear brand, could lose about $960 million from his stake in the home-grown brand which he started in 1973.
The board of the bruised and battered surfwear giant late yesterday indicated it had entered into a 10-day period of exclusive talks with Paul Naude, the head of Billabong in the Americas, and his private equity partner, Sycamore. They are trying to stitch up a cash-and-share deal that will mean the once-great surfwear giant falling in to   … More
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