Surf companies’ proposed acquisition heats up
Two firms have advised on a proposed acquisition between Billabong and Boardriders.
Firms: Allens (Billabong); Gilbert + Tobin (Boardriders)
Deal: Billabong International Limited has been advised on its proposed acquisition by Boardriders.
Value: $380 million
Area: Proposed M&A
Key players: The Allens legal team was led by partner Guy Alexander, with assistance from partners Vijay Cugati, Alan Maxton and Carolyn Oddie, senior associates Noah Obradovic, Nashleen Dilrajh, Michael Gibling and James Kerr, and lawyers Anna Conigrave and Max Chapman.
Deal significance: As part of the transaction, it is proposed that Boardriders will acquire all of the shares in Billabong, other than those already owned by its related entities, at a price of $1 per share in cash via a scheme of arrangement,” according to a statement from Allens.
“We are pleased to be advising Billabong on this transaction and we look forward to the next stage of the deal,” said Guy Alexander, Allens' head of M&A and lead partner on the deal.
Completion of the transaction remains subject to the satisfaction of certain conditions, including shareholder and regulatory approvals and certain other conditions, Allens noted.