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Billabong International Shareholders Approve Bigger Boardriders Offer

Billabong International Shareholders Approve Bigger Boardriders Offer

Billabong International Shareholders Approve Bigger Boardriders Offer
March 28
09:05 2018
Booking.com



LOS ANGELES — Billabong shareholders have given a nod of approval to Boardriders Inc.’s last minute offer increasing its purchase price for Billabong International Ltd.
The vote, in Australia, paves the way for Boardriders — parent of the Quiksilver, Roxy and DC Shoes brands — to acquire Billabong and its stable of brands for an increased purchase price of $160 million, up from an original offer of $155.5 million.
Billabong’s portfolio consists of its namesake brand, Element and RVCA — its three largest divisions — in addition to VonZipper and Xcel and others.
The increased offer was made just before the shareholders’ meeting.
The deal must now go to court for approval at a hearing scheduled for April 6, with the transaction expected to close April 24.
The deal, if approved, will merge two of the largest names in the industry to create a $2 billion entity with a stable of 11 brands, a global workforce of some 10,000 workers, more than 630 stores and 7,000 wholesale accounts.
Boardriders chief executive officer Dave Tanner told WWD in January, at the time of the proposed purchase, that the deal was a “transformative acquisition to create a leading action sports platform.”
The purchase is seen as crucial to the future stability of

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