December 19, 2012 / 12:14 AM / 5 years ago

Billabong shares drop 10 percent after takeover bid

MELBOURNE, Dec 19 (Reuters) - Shares in Australian surfwear company Billabong International Ltd fell as much as 10 percent on Wednesday after the company confirmed it had received an A$527 million ($556 million) takeover bid.

Billabong shares hit a two-month high on Monday after leaked news of the offer from executive Paul Naude, before the company put the stock in a trading halt.

The shares were down 8.7 percent at A$0.89 ($0.94) at 0005 GMT. The stock has slumped around 70 percent in the past year after a series of failed takeover bids. ($1 = 0.9487 Australian dollars) (Reporting by Victoria Thieberger; Editing by John Mair)

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