Billabong receives takeover bid from Altamont, VF Corp
Altamont Capital Partners has teamed up with US apparel company VF Corp. to submit a rival takeover bid for Billabong International. The consortium is offering to pay A$1.10 per share in cash – or A$527 million ($555 million) – for the Australia surfwear company, matching a bid made by Paul Naude, a Billabong director, and Sycamore Partners in December.
Billabong said in a regulatory filing that it will also allow the Altamont-VF consortium to conduct non-exclusive due diligence. The board will simultaneously evaluate the bids and decide within six weeks...
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