BILLABONG investors have voted overwhelmingly to sell the iconic Gold Coast brand to the US-based owners of Quiksilver, Roxy and DC Shoes for $210 million.
The deal was struck after Boardriders increased its $1 a share offer to $1.05 a share just minutes before a vote meeting was due to get underway at Billabong’s Gold Coast headquarters on Wednesday.
In their statement to the ASX, the Burleigh-born company said 85.87 per cent of its eligible shareholders had cast a vote, 95 per cent of whom voted in favour of the improved offer.
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Boardriders chief executive Dave Tanner said the deal represented the best value for shareholders, employees, vendors and customers.
“We are pleased to see that the Billabong shareholders recognized this value, and have approved the proposed acquisition,” Mr Tanner said.
Mr Tanner said Wednesday’s deal was a “significant milestone” and took the American company one step closer to “creating the world’s leading action sports company”.
“We look forward to uniting the Billabong and Boardriders communities and building a foundation to better showcase and grow the action sports industry,” he said.
The transaction is anticipated to close around April 24, subject to final approvals.