Australian surfwear maker Billabong International Ltd. says it has
received a buyout offer of 526.8 million Australian dollars ($555.5
million) from a U.S. group including VF Corp. that matches a takeover
offer it received earlier.
The company says the group, which also
includes Altamont Capital Partners, is offering 1.10 Australian dollars
per share ($1.16).
The bid is identical to an offer Billabong
received from a group including board member Paul Naude, Sycamore
Partners Management and Bank of America Merrill Lynch in December.
Billabong is giving both groups the right to conduct due diligence to get a better understanding of its value.
The
company is evaluating the offers over an approximately six week period
to see if it can secure a bid "at a price and on terms that the board
would recommend."
source: lasvegassun.com
