Billabong International Limited’s
(ASX:BBG) suitors appear to be swirling round the troubled takeover target amid reports their offers have been cut.
The surfwear retailer’s board is understood to have met over the weekend to consider the bids following speculation its potential suitors were considering pulling out of the process.
Sycamore Partners Management and American apparel company VF Corporation and private equity firm Altamont Capital have both launched indicative offers of $1.10 per share.
Reports out today speculate due diligence is now wrapping up, talks are continuing and an outcome could be known as soon as this week.
Private equity firm TPG bid up to $3.30 per Billabong share at the beginning of 2012 but withdrew an offer of $1.45 in October 2012.
Billabong International booked a net loss of $537 million in the first half of the 2013 financial year.
