BILLABONG DETAILS NAUDE PROPOSAL, SURFSTITCH REVALUATION AND TRANSFORMATION STRATEGY COSTS. 19.12.12
ASB Magazine: Billabong today released details about the acquisition bid led by its US President Paul Naude and it described weakening business trends in several regions. It also detailed how it’s brands, retail chains and other business components missed forecasts. Billabong confirmed it had received a confidential, indicative, non-binding and conditional proposal from a consortium comprising Paul Naude, Sycamore Partners Management as "cornerstone equity investor" and Bank of America Merrill Lynch as "lead debt financier" (the “Consortium”) to acquire all of the shares in Billabong for $1.10 cash per share. Goldman Sachs is acting as financial advisor and Allens is acting as legal advisor to Billabong.
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BILLABONG SHARES PLACED IN HALT AMID TAKEOVER SPECULATION 17.12.12
ASB Magazine: Shares in Billabong have been placed in a trading halt ahead of a release from the company concerning a possible change of control proposal. Billabong stock hit a two-month high of $1.015 amid speculation that former executive Paul Naude made a takeover bid for Billabong over the weekend. In a statement to the Australian Securities Exchange, Billabong said the halt was necessary ahead of the announcement. The halt would remain in place until the announcement of the beginning or normal trade on December 19.
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JOEL PARKINSON WINS 2012 ASP WORLD TITLE 15.12.12
Joel Parkinson (AUS), 31, has claimed his maiden ASP World Title today at the final stop of the 2012 ASP World Championship Tour (WCT) season, by winning the Billabong Pipe Masters in Memory of Andy Irons. The Billabong Pipe Masters was also the third and final leg of the Vans Triple Crown of Surfing series. Only Parkinson and reigning 11-time ASP World Champion Kelly Slater(USA), 40, were in contention for the world title heading into the final day. Parkinson needed to finish one position higher to claim the title that has eluded him for the past 12 years. With Slater’s loss to Josh Kerr (AUS), 28, in the Semifinals, Parkinson’s dream became reality. Parkinson went on to beat Kerr in the final.
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QUIKSILVER APAC Q4 UP. 13.12.12
Despite a difficult trading environment Quiksilver Asia Pacific net revenues increased 13% to US$307 million from $272 million, and were up 12% in constant currency. Revenue for Quiksilver’s APAC region increased 6.2% in its fourth-quarter. Americas revenue, the largest share of the top line, climbed 12%. Revenue fell 9.5% in Europe. Net revenues increased (in constant currency) across all three distribution channels with emerging markets generating net revenue growth of 27%.
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NIKE SURFWEAR SHIFTS TO HURLEY 28.11.12
ASB Magazine: According to reports in the US, Nike Inc. has plans to put all of its surfwear operations under the roof of Hurley International. A Nike spokesman confirmed the decision yesterday, but declined to provide additional details. The shift of all surfwear business to the Hurley label is expected to be completed by the end of the year, according to a report from ESPN.
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ADVERTISING STANDARDS SAYS CHECK FACEBOOK DAILY 26.11.12
ASB Magazine: Brands will still be held responsible for comments by the public on their Facebook pages after the Australian Association of National Advertisers resisted pressure to change its definition of advertising. The AANA issued new guidance on what it considers best practice for brands in the digital space. It tells brands they should monitor their Facebook pages at least once a day – and more often just after posting content. It also says that brand owners whose communities comment at weekends and public holidays should “monitor periodically during these periods also”.
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