Billabong shares soar on talk of $1.10 offer
Shares in Australian surfwear company Billabong International have been put into a trading halt after they jumped to a two-month high following a media report that an independent director had made a takeover offer for the company.
Billabong did not return a call seeking comment.
The shares rose as much as 8.6 per cent to $1.015 after the Fairfax Media report that director Paul Naude had offered $1.10 per share for the company.
Mr Naude stood aside from his role as Billabong's president of the Americas last month for six weeks, to look at putting together a buyout proposal.