Weak Business Casts Doubt Over Billabong Exec's $556M Bid

Law360, New York (December 19, 2012, 12:14 PM ET) -- Beleaguered retailer Billabong International Ltd. on Wednesday confirmed a AU$527 million (US$556 million) offer from a group including one of its executives and private equity firm Sycamore Partners LLC, but a bleak outlook and continued drop in investor confidence could drive the purchase price even lower.

Under the deal's terms, Billabong shareholders would receive AU$1.10 for each of their units, but a grim earnings forecast also unveiled Wednesday — under which the company cut its outlook by nearly half — sent its stock down more than...
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