Reuters – Billabong Gets $556M Bid

Australian surfwear company Billabong International received a $556 million bid, the latest takeover play in a tumultuous year in which three previous offers withered, but its shares fell sharply on Wednesday as it cut its earnings forecast, Reuters reported. A consortium led by director Paul Naude and New York-based Sycamore Partners offered A$1.10 per share, a 12 percent premium to the stock's last trade before a trading halt on Monday.

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