Australia's Rip Curl surfwear company has hired Bank of America Merrill Lynch to advise on a possible sale of the privately owned company, a source said, while its larger rival Billabong International Ltd considers two private equity bids.Rip Curl, founded in 1969 by two friends near the surfing haven of Bells Beach southwest of Melbourne, could fetch up to A$480 million ($506 million) in a full sale, the source familiar with the situation said, declining to be identified as the matter is confidential.Rip Curl is one of the largest global surfwear brands, competing with Billabong and Quiksilver Inc, which was also founded near Bells Beach in 1969 but listed in the United States in 1986.Billabong, which is struggling after a debt-fuelled global expansion just before the financial crisis hit, has had two takeover offers worth $700 million, from U.S. private equity firm Bain Capital LLC and from TPG Capital. Both are examining Billabong's books.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 1.6% or $0.15/share to $9.55. In the past year, the shares have traded as low as $4.92 and as high as $10.10. On average, 130911000 shares of BAC exchange hands on a given day and today's volume is recorded at 329640896.
Quiksilver, Inc. is a diversified company that designs, develops and distributes branded apparel, footwear, accessories and related products, catering to the casual, youth lifestyle associated with the sports of surfing, skateboarding and snowboarding. Shares of ZQK fell by 3.34% or $-0.12/share to $3.47. In the past year, the shares have traded as low as $2.09 and as high as $4.89. On average, 1262780 shares of ZQK exchange hands on a given day and today's volume is recorded at 4772447.
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