GLB 3.01% $2.90 globe international limited

"solomon lew was hatching a takeover plan"

  1. 1,645 Posts.
    'Globe gets a better grip'

    GLOBE International shares soared yesterday amid speculation the founders of the embattled streetwear company were planning to privatise the group once again.
    Globe was established 20 years ago by Melbourne brothers Stephen and Peter Hill, both professional skateboarders. They listed the company in 2001 and still own 59 per cent of the company after offloading $40 million in stock last June.

    The Hill brothers have recently taken over strategic control of the company after it issued two profit warnings in the past four months.

    Globe shares yesterday rose 6, or 20 per cent, to 36, their highest close since January 3.

    The group did not comment on the rise, but ABN Amro director Tim Monckton said there were rumours "abounding that the Hill brothers are considering buying it back and privatising it again".

    Analysts said there was also speculation former Coles Myer director Solomon Lew was hatching a takeover plan.

    FW Holst & Co market analyst Michael Heffernan said there was credibility in both theories.

    "But I would think it strange they would want to re-privatise. They would definitely be vulnerable but unless the Hills want to give it away it would make it pretty tough," he said.

    Globe's brands include Mooks, Trans Element, Gallaz and Sista, and it owns marketing rights to brands such as Mossimo and Stussy. - AAP

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