Reuters: Private Equity: Billabong founder Merchant open to offers - report

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Billabong founder Merchant open to offers - report Jun 25th 2012, 23:21 SYDNEY, June 26 | Mon Jun 25, 2012 7:21pm EDT SYDNEY, June 26 (Reuters) - The founder and top shareholder of struggling Australian surfwear maker Billabong International is open to another takeover offer after rejecting an approach earlier this year, the Australian Financial Review reported on Tuesday. Gordon Merchant, who owns more than 15 percent of Billabong, turned down a A$3.30 per share approach from private equity firm TPG, saying in February he would not accept less than A$4 per share. Shares in Billabong plunged 36 percent to a record low of A$0.925 on Monday after a deeply discounted rights issue and profit warning last week. "I thought it was the right decision at the time ... No one has lost more money than I have," the newspaper quoted Merchant as saying from South Africa. "I don't have any set figure in my head, but I would consider [a lower offer than $4 a share]," he said.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions