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Billabong shares rise by nearly 22 percent after surf retailer gets takeover bid

The board says it will take time to consider the offer.

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The Australian surf wear brand Billabong has revealed it's weighing a takeover proposal from rival firm Boardriders.

Boardriders, formerly known as Quiksilver, has offered $1.00 AUD ($0.76) cash per share to buy all of the outstanding shares in Billabong. Boardriders, through its controlling fund, already owns 19 percent of Billabong.

The news sent shares in Billabong up by 23 percent in Australian market trade.

The takeover target said it would take several weeks for the board to consider the offer.

Billabong suffered a $44 million loss for 2017, and has only posted a profit once in the last five years.

In its market announcement, Billabong said it had appointed Goldman Sachs as its financial advisor.