Huntington Beach-based owner of Quiksilver makes $150-million bid for rival Billabong
Boardriders Inc., the Huntington Beach-based company whose brands include Quiksilver and DC Shoes, has made a $150-million bid to acquire Billabong, a chief action sports apparel competitor.
The takeover attempt still requires approvals from Billabong’s board and regulatory agencies. It would involve buying Billabong at 75 cents, or 1 Australian dollar per share.
Boardriders was formerly known as Quiksilver Inc. The name change was announced in March and came about a year after the company emerged from Chapter 11 bankruptcy with the aid of Oaktree Capital Management, a Los Angeles-based global investment firm.
Oaktree has a majority interest in Boardriders and, through its controlled entities, already owns 19% of Billabong’s shares, according to Billabong. It is also one of Billabong’s two senior lenders.
Queensland, Australia-based Billabong has said “there is no certainty this process” or if the offer will go through.
Oaktree is a former shareholder in the Daily Pilot’s parent company.
Twitter: @BradleyZint
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