The big question for the minority shareholders is how hard they are going to fight.
Will they have enough votes to scuttle Oaktree's bid? In addition to Merchant backing the bid, Billabong's other senior lender, Centrebridge, has agreed to vote its 19 per cent stake in favour of the scheme.
Still, there must be some chance Ryder and Adam Smith force Oaktree to increase its bid. Remember, Oaktree cannot vote its 19 per cent stake in the poll on the scheme of arrangement.
All of which suggests this wave hasn't crashed on the shore quite yet.
