Billabong International Ltd. has named Peter Bryant group executive for commercial operations.
In his new role at the company, Bryant will restructure the firm’s reporting and operational structures as part of Billabong’s turnaround strategy. Bryant, who was the former chief financial officer of Billabong’s U.S. operation, in December was named interim cfo for the surfwear firm after former cfo Craig White left the company. Last month, the company named Peter Myers its new cfo. The company is set to report its first-half results for the period ended Dec. 31 on Feb. 22.
It is also expected that within the next two weeks Billabong will disclose whether it will move forward with one of the two nonbinding offers to acquire the company.
Both groups for the past month have been in the midst of reviewing Billabong’s books as they conduct their requisite due diligence on the surfwear firm.
In December, Billabong received a nonbinding proposal from Paul Naudé, former president of Billabong’s U.S. business, and private equity firm Sycamore Partners to acquire the company for 1.10 Australian dollars, or $1.14, a share, with the total deal value at 504.9 million Australian dollars, or $520.8 million at current exchange.
Last month, a competing nonbinding proposal was received from Altamont Capital and VF Corp., also for $1.14 cash a share. At the time Billabong confirmed the Altamont-VF offer, it said it will “run a process to evaluate whether a change of control proposal, at a price and on terms that the board would recommend, can be secured.”
The company said then it expected that process to take six weeks.
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