Dec 1 (Reuters) - Sports apparel seller Billabong International Ltd confirmed on Friday it had received an indicative proposal from Boardriders Inc to acquire all shares of the company for about A$198 million ($149.57 million).
Boardriders will offer A$1 cash for each share of Billabong, a 28.2 percent premium to Billabong’s Thursday’s closing price.
Oaktree Capital Management, LP, through controlled entities, holds 19 percent of the shares in Billabong and is one of Billabong’s two senior lenders. Funds managed by Oaktree also have a majority interest in Boardriders. ($1 = 1.3238 Australian dollars) (Reporting by Aditya Soni in Bengaluru)