Two shareholders of Billabong International, Rider Capital and Adam Smith Asset Management, have voiced their opposition to the proposed sale of the company to Boardriders. Together they hold 15.4 percent of the company's shares. Billabong's founder, Gordon Merchant, has already approved the terms of the transaction, but the other shareholders may or may not vote in its favor at a meeting scheduled for tomorrow for their endorsement. Billabong has urged all its shareholders to carefully review a booklet prepared by an independent expert on the transaction. Boardriders officials have reportedly made statements threatening bankruptcy proceedings or a deal with Rip Curl if Billabong's shareholders don't approve the deal.

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