By  on December 18, 2012

Billabong International Ltd. confirmed that it’s received a confidential and nonbinding proposal to be acquired by a consortium led by Paul Naudé, president of its U.S. business, for about 504.9 million Australian dollars, or $555.3 million at current exchange rates.

The consortium consists of Naudé, a former professional surfer; Sycamore Partners Management and, as lead debt financier, Bank of America Merrill Lynch.

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