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http://www.afr.com/p/business/sunday/asa_urges_billabong_to_delay_altamont_At0i14Whmce1gv2VtFwF7M

ASA urges Billabong to delay Altamont deal

The Australian Shareholders’ Association has urged Billabong chairman Ian Pollard to postpone a $325 million deal with private equity group Altamont and properly assess a rival offer from two US hedge funds.

Centerbridge Partners and Oaktree Capital, who were spurned in favour of Altamont Capital and its partners last month, claim their new deal could save the retailer between $119 million and $143 million in interest over five years and leave it with less debt than under the Altamont proposal.

As revealed on Financial Review Sunday, Centerbridge and Oaktree provided details of their new proposal and their vision for the company to the board earlier this week, before Billabong agreed to revise the terms of its agreement with Altamont.

After 18 months of uncertainty, the board wants a quick resolution, with a decision expected within a fortnight.

But ASA chairman Ian Curry says investors deserve a detailed assessment of both offers.