Sycamore proceeds on Billabong buyout with knockdown $300m offer
A consortium supported by US-based Sycamore Partners will enter exclusive negotiations to buy Australian surfwear company Billabong, but any deal will be priced at a substantial discount to the original offer tabled last December.
The consortium, which was put together by Paul Naude, a Billabong director, is willing to pay A$0.60 per share for all outstanding shares, valuing the company at A$287 million ($300 million). The original...
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