Billabong confirmed to Reuters that it has received a proposal from the privately-held parent of Quiksilver, Roxy and DC Shoes for A$198 million ($150 mm). The A$1 per share offer would represent a 28% premium to the trading price of BBG. Oaktree Capital Management has a 19% interest in Boardriders and is a senior lender to the company while it also controls privately-held Boardriders. BBG agreed to let Boardriders conduct due diligence so the deal can go forward.

Both companies were on the verge of a wipeout, and Quiksilver, the predecessor of Boardriders, did file for bankruptcy with Oaktree as the ... Log in to view full article.