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% 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, Reuters reported.
(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.
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