Sycamore Gets More Time To Mull $295M Billabong Buyout

Law360, New York (April 24, 2013, 1:21 PM EDT) -- Billabong International Ltd.'s year-long struggle to find a buyer isn't over yet, after the flagging apparel company gave private equity firm Sycamore Partners LLC 10 more days to wrap up due diligence, according to a statement Wednesday.

Sycamore, which earlier this month lowered its offer to AU$287 million ($295 million), will have until May 8 to complete its research. Billabong's financials have steadily eroded over the course of its 15-month sale process, which has involved five potential buyers making lower and lower offers.

“It is anticipated...
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