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SBD Global/October 16, 2012/Finance
Investors Turn Up Heat Over Billabong's No-Sale
Published October 16, 2012
CAUSE FOR CONCERN: In N.Y., Gillian Tan noted on the WALL STREET JOURNAL's Deal Journal Australia blog that Citi analyst Craig Woolford has "offered a couple of answers" for why TPG or Billabong are not disclosing what led to the lack of a takeover. Woolford said, "The fact TPG spent six weeks looking at the business and felt proceeding with a takeover was not worthwhile is a concern." The broker believes TPG was unable to gain comfort over the visibility for future earnings due to the "underlying health of the Billabong brand or the sales decline in Europe" (WSJ, 10/15).