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Details on Industry Insight.
Editor’s note: Billabong filed this notice with the Australian Securities Exchange on Thursday. Its request for a temporary halt in trading of its stock was granted.
The company requested the move after the Australian Financial Review reported that TPG made a A$766 million ($819 million) takeover bid. TPG reportedly bid $3 a share. Billabong is due to report earnings tomorrow.
Below is the request for trading halt filed by Billabong:
REQUEST FOR TRADING HALT
Pursuant to Listing Rule 17.1, the Company requests a trading halt for a total of two trading days in the ordinary shares of the Company (ASX Code: BBG) to apply from the commencement of trading on Thursday, 16 February 2012 until the commencement of trading on Monday, 20 February 2012, unless the Company requests that it be lifted before that time.
The trading halt is requested pending an announcement on the strategic capital structure review announced on Monday, 19 December 2011.
For the purposes of Listing Rule 17.1, the Company provides the following information:
(a) the trading halt is necessary, as otherwise trading in the Company's ordinary shares would continue on an uninformed basis;
(b) the trading halt should remain in place until the earlier of commencement of trading on Monday, 20 February 2012 and when the Company makes an announcement in relation to the strategic capital structure review; and
(c) the Company is not aware of any reason why the trading halt should not be granted or of any other information necessary to inform the market about the trading halt.