Sycamore's $300M Billabong Bid No Vote Of Confidence

Law360, New York (April 9, 2013, 1:15 PM EDT) -- Sycamore Partners LLC will buy Billabong Ltd. for AU$278 million (US$300 million), just more than half of its earlier offer and only with significant rollover from existing shareholders, the struggling apparel chain said Tuesday — not exactly a screaming vote of confidence.

Billabong said in a securities filing that it has entered into a 10-day exclusivity period with Sycamore and its partner, Billabong executive Paul Naude, for an offer of 60 cents per share. That’s just more than half of Sycamore’s previous bid and less than...
To view the full article, register now.