The Australian surf wear brand Billabong has revealed of which’s weighing a takeover proposal through rival firm Boardriders.
Boardriders, formerly known as Quiksilver, has offered $1.00 AUD ($0.76) cash per share to buy all of the outstanding shares in Billabong. Boardriders, through its controlling fund, already owns 19 percent of Billabong.
The news sent shares in Billabong up by 23 percent in Australian market trade.
The takeover target said of which could take several weeks for the board to consider the offer.
Billabong suffered a $44 million loss for 2017, along with has only posted a profit once inside the last 5 years.
In its market announcement, Billabong said of which had appointed Goldman Sachs as its financial advisor.