Surfwear Brand Billabong Gets $150M Takeover Bid From Quiksilver

Australian surfwear brand Billabong "received a takeover bid from rival Quiksilver" which values the company at around $150M, according to the BBC. It "could be a lifeline for the troubled firm, which has only turned a profit in one of the last five years." Billabong suffered a $58M "wipeout" this year, which was triple its loss for '16. The company sells clothing under eight different brands and sponsors surf events around the world. In an announcement to the Australian Stock Exchange, Billabong said that it "received a non-binding offer from Boardriders to acquire all of the company's shares for $0.76 each." Boardriders was formerly known as Quiksilver and "still sells clothing under its original name." Billabong's shares "shot up 23% on news of the offer." The offer is "subject to a number of conditions including unanimous approval by Billabong's board and due diligence" (BBC, 12/1).