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.
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