ASB MAGAZINE: The securities of Billabong International Limited will be placed in Trading Halt at the request of the Company, pending the release of an announcement by the Company later today. Unless the ASX decides otherwise, the securities will remain in Trading Halt until the commencement of trading on Tuesday 3 April 2018 or when the announcement is released to the market.
Shareholders are expected to vote on the deal today around 4pm, however in a surprise eleventh hour bid there are reports emerging that US hedge fund Oaktree Capital Management, has increased its bid to $1.05 from $1 per share, prior to the meeting where shareholders will vote on the takeover. According to reports at AFR the proxy votes are counted with 78.83 per cent or 49.87 million shares voted in favour of the scheme, while 4.56 per cent or 2.88 million shares were against. These numbers are unconfirmed at this stage.
We will update the story throughout the day. Stay tuned here for updates.