bidders have until 28th march, page-2

AFR article:


EDITED BY SARAH THOMPSON AND ANTHONY MACDONALD
The protracted sale process for Billabong International may be coming to a head, with the Australian surf and skatewear company’s two bidders having received notification of when their final bids are due.

Billabong adviser Goldman Sachs has spent the past week pulling together a timetable. As revealed on Street Talk Online last night, final offers will be submitted on March 28, allowing negotiations to continue over the Easter weekend.

United States-based retailing powerhouse VF Corp and private equity firm Altamont Capital Partners is up against Billabong director Paul Naude, formerly head of Billabong Americas, and buyout company Sycamore Partners.

Billabong’s two suitors put forward indicative $1.10 a share proposals but analysts estimate any bid may be cut to between 80¢ and $1 a share.

VF, the owner of The North Face and Vans, wants only the namesake brand. Altamont will take the balance of the portfolio.

In February, the stricken retailer warned of a second earnings downgrade in as many months and issued a $567 million writedown.