Reuters – Billabong Says Its Still in Talks Over Buyout
Troubled Australian surfwear firm Billabong International Ltd said on Tuesday it is still in talks with two takeover suitors and requested a trading halt in its shares ahead of a possible announcement this week. Billabong has received offers from a consortium comprised of private equity firm Altamont Capital Partners and U.S. clothing group VF Corp and another group led by Billabong's former U.S. boss Paul Naude and private equity firm Sycamore Partners. The two competing groups had made indicative matching offers of A$1.10 a share, valuing the company at A$527 million ($549 million), but analysts expect the final bids -- which were due in last week -- to be around A$0.80-90. That would be slightly above Billabong's close on Thursday of A$0.73.
