Boardriders Inc., whose largest shareholder is downtown-based Oaktree Capital, has put in a takeover offer for rival Billabong International Ltd., valuing the latter at $150 million.

Billabong, the Australian sportswear apparel company, announced the offer to the Australian Stock Exchange Friday. Boardriders, previously known as Quiksilver, reportedly offered to acquire all of the company’s shares at $1 each. Billabong’s shares rose 23 percent following the news of the announcement.

Billabong reported a loss of $58 million for 2017 and rejected a takeover offer in 2012 by TPG Capital that valued the company at $750 million.

The company announced that it had appointed Goldman Sachs as its financial advisor.

Oaktree Capital already holds 19 percent of Billabong’s shares.

Manufacturing and trade reporter Shwanika Narayan can be reached at snarayan@labusinessjournal.com or 323-556-8351. Follow her on Twitter @shwanika.