Billabong gets competing $555.5M takeover bid
NEW YORK (AP) — Australian surfwear maker Billabong International Ltd. says it has received a buyout offer of 526.8 million Australian dollars ($555.5 million) from a U.S. group including clothing company VF Corp. that matches a takeover offer it received earlier.
The company said Monday that the VF group, which also includes private equity firm Altamont Capital Partners, is offering 1.10 Australian dollars per share ($1.16).
Billabong — whose brands include Palmers Surf, Von Zipper, its namesake and others — currently has about 478.9 million outstanding shares, according to FactSet.
The company has struggled to turn around results, cutting hundreds of jobs in 2012 and selling half of its Nixon Inc. watches and accessories brand.
VF Corp., whose brands include Wrangler, Nautica and The North Face, said in a statement that it is mostly interested in the Billabong brand. Altamont is interested in the other brands and related assets.
Their bid is identical to an offer Billabong received from a group including board member Paul Naude, Sycamore Partners Management and Bank of America Merrill Lynch in December.
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