The deal values Billabong at A$197.7 million ($155 mm) at A$1 per share and represents a 28% premium over the recent trading price. While Boardriders has been recovering in a somewhat better action sports market, Billabong still struggled. It lost A$77.1 million last year and was still carrying $177.1 million in debt from its 2013 rescue by Oaktree Capital and Centrebridge. Oaktree owned about 19% of Billabong as well and made the offer through the former Quiksilver, in which it holds an 85% stake. The merger had been rumored for some time.

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