Billabong Receives Alternative A$527 Million Takeover Proposal
January 14 2013 - 2:39AM
Dow Jones News
By Gavin Lower
MELBOURNE--Billabong International Ltd. (BBG.AU) said Monday it
had received a 526.8 million Australian dollar (US$556 million)
offer from a consortium involving U.S. clothing maker VF Corp.
(VFC), setting the stage for a bidding contest for the iconic
Australian surfwear brand.
Billabong said the proposed A$1.10-a-share cash offer by VF
Corp. and Altamont Capital Partners matches an earlier bid by a
consortium of private equity firm Sycamore Partners, Bank of
America Merrill Lynch and former director Paul Naude.
In a statement to the Australian Securities Exchange, the
company said it has agreed to let VF Corp. and Altamont scrutinize
its books while it weighs the offer.
VF Corp.'s brands include Nautica, The North Face, Timberland
and Wrangler jeans.
Write to Gavin Lower at gavin.lower@wsj.com
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