Today’s best headline

Today, Billabong (BBG.AX) founder, major shareholder and board member, Gordon Merchant, has said he will entertain a takeover bid for BBG even if it’s at a lower price that the prior bid.

Geez, Ya reckon??

After rejecting a $3.30 offer and holding out for a bid preferably above $4.00, Mr Merchant now sees his stock trading at $1.00.

Dear Billabong,
I will bid for the whole company at 28 cents per share, on a pre excessive offensive dilutive capital raising basis.

Lesson: You don’t normally command a premium when you are desperate to sell.