MELBOURNE Dec 19 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)