Australia's Billabong shares plummet after takeover talks end
PHOTO: Australia's Billabong shares plummet after takeover talks end
PUBLISHED ONJune 03, 2013 5:30 PM
SYDNEY - Shares in Australian surfwear company Billabong International Ltd plummeted as much as 58 per cent on Tuesday after it said it had ended takeover talks with two potential suitors.
Billabong also warned that its full-year profit would sink below previous guidance, and said it was now discussing refinancing options with the two consortiums.
Shares fell to an all-time low of A$0.19 (S$0.23) during morning trade.