Billabong International Limited
(ASX:BBG) could be the subject of a bidding war after US clothing giant VF Corporation launched a rival takeover proposal.
A consortium including a US private equity firm and the manufacturer of Lee Jeans have matched former Billabong executive Paul Naude’s consortium bid, offering $1.10 a share and labelling the offer as indicative, non-binding and conditional.
Billabong says it will grant non- exclusive due diligence to the new bidder.
VF corporation (VF) owns global brands including Lee and Timberland. VF’s consortium partner is US private equity firm Altamont Capital Partners.
The Altamont/VF bid is the sixth takeover offer made in the past 12 months.
Billabong booked a net loss of $276.6 million in the 2012 financial year.
