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Billabong posted two documents referencing a trading halt on its investor relations website.

 

The first was this announcement from ASX, the Australian Securities Exchange:

 

MARKET RELEASE

 

2 April 2013
Billabong International Limited
TRADING HALT

 

The securities of Billabong International Limited (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company.

 

Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the commencement of normal trading on Thursday, 4 April 2013, or when the announcement is released to the market.

 

Security Code: BBG

 

Shannon Hong

Adviser, Listings Compliance

 

The second was this letter from Billabong to the ASX:

2 April 2013

Ms Shannon Hong

Adviser, Listings

ASX Compliance

Exchange Centre

20 Bridge Street

Sydney NSW 2000

 

Dear Shannon

REQUEST FOR TRADING HALT

 

Pursuant to Listing Rule 17.1, the Company requests an immediate trading halt in the ordinary shares of the Company (ASX Code: BBG).

 

The trading halt is requested following receipt of proposals in relation to the process announced on 14 January 2013. The Company announced at the time of its half year results that it expected due diligence to conclude by the end of March. Discussions in relation to these proposals remain incomplete and the Company expects to make an announcement as and when discussions are complete.

 

For the purposes of Listing Rule 17.1, the Company provides the following information:

(a) The trading halt is necessary so that the Company can continue negotiations in relation to the process announced on 14 January 2013;

(b) The trading halt should remain in place until the earlier of commencement of trading on Thursday, 4 April 2013 and when the Company makes an announcement; and

(c) The Company is not aware of any reason why the trading halt should not be granted.

 

Yours sincerely

 

MARIA MANNING

COMPANY SECRETARY

 

Background

 

Billabong last week declared a March 28 deadline for bids to acquire the company.

 

Billabong North America President Paul Naude and private equity firm Sycamore Partners are trying to buy the whole company. Naude has been on leave to pursue the transaction.

 

VF Corp. and Altamont Capital Partners are also bidding. VF is only interested in the Billabong brand, however, and Altamont would acquire the other pieces.