WEST 49 SHAREHOLDERS AGREE ON BILLABONG 26.08.10

Shareholders of West 49 have approved the sale of the company to Billabong International, which faced a brief contest to acquire the Canadian retailer in July by one of its major US retailers in the USA - Zumiez. Shareholders of West 49 voted nearly unanimously for Billabong’s $93 million buyout. The deal is set to close later this month or in early September. West 49, based near Toronto, runs a chain of 138 mall stores in Canada and is said to be Billabong’s second largest customer in North America including Canada. Billabong vied briefly with Zumiez Inc. to buy West 49. However, Zumiez, dropped its bid for West 49 in July after it failed to reach agreement with the company on a review of its books. The deal stands to more than double Billabong’s North American stores to 230.


11:30AM / Torquay / Vic / Aus