According to financial sources, the revised bid from Sycamore is closer to between 55 to 60 Australian cents a share, while the one from VF is slightly below 50 Australian cents. That would place the higher offer at a total valuation of 286 million Australian dollars, or $298.4 million, at current exchange, and the low bid at 239 million Australian dollars, or $249.4 million.
Both per-share bids are lower than the last trade for Billabong shares, which was 73 Australian cents on March 28 when trading was halted pending acquisition talks.
The difference between the two offers is that the VF-Altamont bid would split the company in two, with VF taking the Billabong brand and Altamont interested in Billabong's other assets.
There have been prior offers for Billabong, four from TPG and one from Bain Capital, both U.S. private equity firms, at higher amounts than those currently on the table. For example, Billabong in February 2012 rejects TPG's third takeover attempt for 3.30 Australian dollars, or $3.53, a share. TPG's fourth offer and the one from Bain for $1.45 Australian dollars were later withdrawn.
Shares of Billabong are still halted due to ongoing negotiations with the two bidders.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styles by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)