centerbridge & oaktree make unsolicited offer

hot off the press...

http://www.afr.com/p/opinion/centerbridge_oaktree_make_unsolicited_qKp5a6i0o6EcfgpA5v9mYK

Simon Evans and Anthony Macdonald

Hedge funds Centerbridge Partners and Oaktree Capital Management have presented an unsolicited proposal to Billabong International, seeking to take a 60 per cent equity stake in the surfwear company.

It’s understood representatives from Centerbridge and Oaktree are in Australia and presented the unsolicited proposal on Wednesday morning, after earlier being turned away.

Billabong announced a complicated restructure with long-time suitor Altamont Capital Partners on Tuesday. Billabong chairman Ian Pollard said the surfwear group’s board opted for certainty in signing the Altamont deal, and that a last-minute unsolicited proposal from hedge funds Centrebridge Partners and Oaktree Capital Management was not fully formed."