Billabong takeover gets the green light from the Federal Court

Company News

by Anna Napoli

Surf wear Retailer Billabong (ASX:BBG) has announced that the Federal Court of Australia has approved the acquisition of the company by Boardriders.

Under the scheme of arrangement Boardriders will acquire all of Billabong’s issued shares.

Billabong will suspend trading on the ASX at the close of trade today.

As the scheme is now legally effective, shareholders will receive a cash payment of $1.05 per share on the implementation date April 24th.

The company has set up a shareholder information line to assist anyone who requires further information.

Shares in Billabong (ASX:BBG) closed flat at $1.05 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.