Billabong allows bidder to look at books

TROUBLED surfwear company Billabong has allowed its latest takeover suitor a look at its finances.

Last Wednesday, Billabong confirmed that it had received a conditional, non-binding takeover proposal from a consortium organised by one of its directors, Paul Naude.

The syndicate also includes Sycamore Partners Management as an equity investor and Bank of America Merrill Lynch as lead debt financier.

The consortium is offering $1.10 a share for Billabong, which equates to around $527 million for the whole company.

Read more at ABC news online.



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