Blatter: Stadium Closures 'Excessive' Hangin' With ... Matías Baretta Premiership Rugby, StubHub Partner Crimea Club Wants To Stay In Ukraine Canterbury Gets OK For $93M Projects Executive Transactions Close To 9 Million Watch German Cup F1 Planning To Launch Masters Series Drogba Launches Men's Underwear Line Dynamo Dresden Receives City Support
SBD Global/October 8, 2012/FinancePrint All
Billabong investors "face a nervous wait to see whether suitor TPG will abandon or revise lower its potential A$695M ($708M) bid for the retailer," according to Michael Bennet of THE AUSTRALIAN. TPG expressed "concerns" during due diligence, and analysts have warned of a "further sharp sell-off in its shares if the private equity firm walks away." Fears that "the potential A$1.45-a-share takeover offer might not come sparked a sell-down in the stock" of almost 20% to A$1.06, from A$1.315. The drop came as economists "remained cautious on the outlook for consumer spending" after national retail sales grew by only 0.2% in August -- half of expectations. TPG has remained silent throughout the process, even after media reports last week suggested TPG's concerns "centred on Billabong's earnings forecasts and its core brand" (THE AUSTRALIAN, 10/8).