Australian surfwear company Billabong International Ltd has received a second takeover proposal from a U.S. private equity and retail consortium that matches a A$556 million ($586.55 million) bid by its U.S. boss Paul Naude. The new offer comes from a consortium led by San-Francisco-based private equity form Altamont Capital Partners and clothing group VF Corporation, the owner of brands including Wrangler, Lee and The North Face, Billabong said on Monday.Billabong will allow the Altamont/VF Consortium to see its books, after already opening the accounts to the consortium led by board director Naude and New York-based private equity firm Sycamore Partners.Both groups have offered A$1.10 per share for the struggling Australian company, which issued its third profit warning in a year in December.Billabong said it would evaluate the proposals to determine whether it can secure a deal "at a price and on terms the board would recommend."
V.F. Corporation (VF) is a global apparel company based in the United States. Shares of VFC fell by 1.27% or $-1.92/share to $149.00. In the past year, the shares have traded as low as $128.92 and as high as $169.82. On average, 730659 shares of VFC exchange hands on a given day and today's volume is recorded at 697662.
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