SBD/Morning Buzz

New Billabong Takeover Proposal Sets Stage For Bidding War

Australia-based surfwear company Billabong today said that it had "received a takeover offer" for US$556M from a consortium including U.S. clothing maker VF Corp., "setting the stage for a bidding contest" (WSJ.com, 1/14). The proposal matches a US$1.16 cash per share offer for all of Billabong's shares that the retailer "received in December from the Sycamore consortium led by former director Paul Naude." Billabong said that it will also grant the Altamont/VF consortium the opportunity to conduct due diligence (THEAUSTRALIAN.com.au, 1/14).
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