VF and Altamont Capital Partners Submit Letter of Interest to Billabong International Limited
January 14 2013 - 7:45AM
Business Wire
VF Corporation (NYSE: VFC) and Altamont Capital Partners
(Altamont) have submitted a non-binding, joint letter of interest
setting forth preliminary indicative terms to acquire all of the
issued securities in Billabong International Limited (BBG.AX)
(Billabong) for AUD $1.10 per share in cash.
Billabong has agreed to allow VF and Altamont to conduct due
diligence to evaluate Billabong’s business.
VF’s primary interest in the transaction is in the Billabong®
brand. This interest is consistent with VF’s stated intent to
pursue acquisitions, particularly in the Action Sports category, to
continue to build shareholder value. Altamont’s interest lies in
acquiring Billabong’s other brands and related assets, and is
predicated on the firm’s mandate to invest in situations where it
can provide strategic and operational support to build business
success stories.
In Australia, an offer for a public company, even if non-binding
and indicative, may be made public at the time of its submission.
Billabong made the proposal public today. VF and Altamont are
therefore taking the precaution of announcing this proposal,
notwithstanding its very preliminary nature.
The proposal does not constitute a binding offer for Billabong
nor does it impose any obligation on VF or Altamont to make an
offer for Billabong until formal transaction documents are
executed.
No further details are available at this time.
About VF
VF Corporation is a global leader in branded lifestyle apparel
and footwear with more than 30 brands. The company’s largest five
brands are The North Face®, Wrangler®, Timberland®, Vans®, and
Lee®. Other brands include 7 For All Mankind®, Bulwark®, Eagle
Creek®, Eastpak®, Ella Moss®, JanSport®, Kipling®, lucy®,
Majestic®, Napapijri®, Nautica®, Red Kap®, Reef®, Riders®,
Splendid® and Smartwool®. For more information, please visit
www.vfc.com.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in
the San Francisco Bay Area with approximately $500 million of
capital under management. Altamont is focused on investing in
middle-market businesses where it can partner with leading
management teams to help its portfolio companies reach their full
potential. The firm’s principals have significant experience
building business success stories across a range of industries,
including consumer/retail, financial services, industrials,
healthcare and business services.
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