Billabong gets competing $555.5M takeover bid

Published on NewsOK Modified: January 14, 2013 at 8:05 am •  Published: January 14, 2013

The matching offers are below a 695 million Australian dollars ($734.6 million), or 1.45 Australian dollars ($1.53) per share, offer that Billabong received from private equity company TPG International in July. In September Billabong said it received an offer identical to TPG's from an undisclosed party, but said at that time that both offers did not value the company high enough.

TPG had initially offered 3 Australian dollars ($3.17) per share to Billabong in February, but lowered its offer in July due to the continued deterioration of the company's financial performance.

Billabong is giving both the VF group and the Sycamore group the right to conduct due diligence to get a better understanding of its value.

The company said that it will be evaluating the offers over an approximately six week period to see if it can secure a bid "at a price and on terms that the board would recommend."

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