The revised bid from Billabong International is said to be south of 45¢, sources close to the transaction told Street Talk Online on Wednesday afternoon.
The surfwear and boardsports retailer was placed in a trading halt on Tuesday while it considered a refreshed proposal relating to the 60¢-a-share takeover offer from New York-based buyout firm Sycamore Partners and Billabong executive Paul Naude.
Billabong and Sycamore had agreed to 10 days of exclusive talks after Sycamore’s lender, US-based Jefferies Group, engaged accounting firm PwC to assess the company’s quality of earnings before it would commit to finance the offer.
Sycamore’s exclusivity period has now ended.
afr articles, page-11
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