Billabong's Warhol Surf collection

The board of Billabong International Ltd. will open the books for Quiksilver’s parent, paving the way for a possible formal bid for the Australian surfwear company.

Billabong International confirmed Boardriders Inc. has offered to acquire the company for about 198 million Australian dollars, or $150 million at current exchange rates. That equates to one Australian dollar, or 76 cents, a share.

Billabong said it would provide an update to shareholders “in due course” and “that there is no certainty this process or the indicative proposal will result in an offer for Billabong.”

Billabong has been in the midst of a turnaround strategy for the past several years, making strides by shedding smaller brands and funneling much of its focus on the growth opportunities with its three core brands: its namesake line, RVCA and Element.

The potential for a deal could unify two of the surfwear industry’s biggest names under a single parent.

Quiksilver Inc. in March renamed its corporate self to Boardriders in perhaps a symbolic move more than anything that looked to turn a page toward the company’s future. Boardriders — the parent to the Quiksilver, Roxy and DC Shoes brands — last February emerged from Chapter 11 bankruptcy as a private company owned by Oaktree Capital Management LP. Oaktree also holds 19 percent of Billabong shares and is one of its senior lenders.

Billabong International said in a statement due diligence would occur over “a number of weeks.”