Billabong in trading halt amid takeover

Shares in Australian surf and sportswear company Billabong were placed in a trading halt Monday, after reports that a former director had made a new takeover offer. Paul Naude, who last month stepped aside as director and president of Billabong's US business to prepare a buy-out bid, is believed to have offered Aus$1.10 ($1.16) per share, the Australian Financial Review said. "The trading halt is requested pending an announcement by the Company of a possible change of control proposal," Billabong said in a statement to the Australian Securities Exchange. Shares in the ailing sportswear firm were at 98 cents. Billabong shares plunged to an all-time low in October after private equity firm TPG withdrew from its Aus$1.45 takeover offer. The blow after came Bain Capital, the private equity firm founded by US Republican presidential candidate Mitt Romney, also pulled out of a bid during the due diligence phase. In February, Billabong's largest shareholder and founder Gordon Merchant and fellow investor Colette Paul rejected a separate takeover bid from TPG at Aus$3.30 a share.