By  on April 5, 2013

Billabong International Ltd. is still in talks with its two suitor groups, although revised bids have been lowered substantially from their initial nonbinding offers.

Back in December, a consortium led by Paul Naudé, president of Billabong's U.S. business, offered 504.9 million Australian dollars, or $555.3 million, at the December exchange rate. The consortium includes U.S. private equity firm Sycamore Partners. The Naudé offer is for 1.10 Australian dollars, or $1.16, a share. In January, VF Corp. and Altamont Capital Partners also made an offer for Billabong, matching the existing offer on the table.

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