Billabong Gets $555M Buyout Bid From VF Corp., Others

Law360, New York (January 14, 2013, 12:09 PM EST) -- Australian surfwear maker Billabong International Ltd. said Monday it had received an AU$526.8 million (US$555.5 million) buyout offer from a U.S. investment group including brand manager VF Corp., matching an earlier offer from management and Sycamore Partners LLC.

The group, which also includes Altamont Capital Partners LLC, is offering AU$1.10 per share. That puts it on equal footing with Sycamore, which teamed with Billabong executive Paul Naude to make the same offer in December.

The company said it was giving both bidders the right to conduct...
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