The wait continues to see which bid to buy Billabong, if any, will be accepted by the company’s Board of Directors.
Billabong requested a trading halt for its stock on the Australian Securities Exchange Tuesday in Australia. It said it had received proposals to buy the company, but discussions about the proposals were “incomplete” and that negotiations are continuing.
The Australian press is following the story closely, and according to the Deal Journal Australia, both bids came in lower than the $1.10 per share preliminary offers. However, there were no details reported about what the sides offered. The paper cited unnamed sources close to the deal in its reports.
There has been lots of speculation that the price offered would be lower after the company again cut its profit outlook after its most recent half-year financial results.
Former Billabong Americas President Paul Naude and private equity firm Sycamore Partners are attempting to buy all of the company, and VF Corp. wants to buy the Billabong brand. VF has partnered with Altamont Capital Partners in the process, and Altamont would take the rest of the brands if the VF bid wins.
Billabong asked that trading in its stock be stopped until the opening of trading on Thursday, or sooner if it releases a public statement before then.
