Billabong International Limited
(ASX:BBG) has invited talks with a former suitor to resume negotiations, according to media reports.
The surf wear retailer has reportedly resumed discussions with members of the Altamont Capital Partners and VF Corporation consortium that previously conducted due diligence on the company with a view to a takeover.
It places doubt over the success of the bid by Paul Naude’s Sycamore Partners consortium.
Billabong placed its shares in a voluntary suspension after failing to secure a takeover offer from the Naude-Sycamore consortium after an extended period of due dilligence.
The consortium has offered 60 cents a share for the company, valuing it at $287 million, down from an earlier offer of $1.10 a share. But reports say that offer may have been reduced to 45 cents per share.
Billabong posted a net loss of $536.9 million for the first half of the current financial year.
