Billabong International Limited
(ASX:BBG) has granted company director Paul Naude and his associates the right to conduct non-exclusive due diligence.
The announcement comes after Mr Naude approached the troubled surfwear retailer with a takeover bid for $1.10 cash per share last week.
Billabong has received numerous takeover approaches which have fallen through this year in the same period the company’s stock has plunged more than 50 per cent.
Due diligence is expected to take up to six weeks and Billabong has reiterated there is no guarantee an acceptable binding proposal will eventuate.
Billabong booked a net loss of $276.6 million in the 2012 financial year.
