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.

RELATED STORY: Billabong Said to Receive New Offer >>

The offer, providing for 1.10 Australian dollars, or $1.16, in cash per share, follows four previous bids from TPG, the U.S. private equity firm, and a competing bid from Bain Capital. Previous offers have been significantly higher. Billabong in February rejected TPG’s third takeover attempt, for 3.30 Australian dollars, or $3.53, a share.

Acceptance is predicated on completion of due diligence, expected to take four to six weeks, as well as standard regulatory approvals. Billabong’s board will review the proposal, which would require approval from parties representing at least 90 percent of the shares.

Billabong said it received the proposal on Dec. 14.

load comments
blog comments powered by Disqus