VFC VF Corporation

   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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