ARTICLE · 21 OCTOBER 2012

Billabong bear hug spotlights continuous disclosure

Clayton Utz

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Billabong has been the subject of takeover speculation and its continuous disclosure in respect of bear hug approaches.

AustraliaFinance and Banking

Jasmine Sprange

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It was announced on Friday that TPG had withdrawn from an auction process for Billabong.

Billabong has been the subject of takeover speculation since February this year and its continuous disclosure during that period in respect of bear hug approaches by TPG and a second bidder have been the subject of much commentary.

The two bear hug approaches by TPG, and the entry and subsequent withdrawal of a second bidder into the auction process were all announced by Billabong. Billabong also made announcements in respect of press speculation about TPG's due diligence findings and its possible withdrawal. On Friday, Billabong announced the withdrawal of the TPG approach and the end of the auction process.

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