mgmt is going to accept the offer

Due Diligence now allowed. Why was this not price sensitive??

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GOLD COAST, 24 December 2012: On Wednesday, 19 December 2012, the Board of Billabong
International Limited (“Billabong” or the “Company”) announced that it had received a
confidential, indicative, non-binding and conditional proposal from a consortium comprising Paul
Naude, Sycamore Partners Management as "cornerstone equity investor" and Bank of America
Merrill Lynch as "lead debt financier" (the “Consortium”) to acquire all of the shares in Billabong
for $1.10 cash per share. On the same day and following the Company’s trading update,
Billabong subsequently announced that Paul Naude confirmed in writing that the Consortium’s
proposal remained unchanged apart from the removal of the confidentiality condition.
The Board of Billabong, together with its advisors, has reviewed the proposal in detail. The Board
has concluded that the Consortium will be granted the opportunity to conduct non-exclusive due
diligence. The Consortium has now signed a confidentiality agreement with Billabong with
conditions appropriate for a transaction of this nature. It is expected that the due diligence
process will take up to six weeks.
The Board of Billabong reiterates that there is no guarantee that, following a period of due
diligence by the Consortium, an acceptable binding proposal will be forthcoming. In the meantime
Billabong shareholders do not need to take any action in relation to this matter.