when is dd expected to be completed, page-15

A note on the process being followed right now from the Australian


Billabong and its adviser Goldman Sachs are aiming to "run a process to evaluate whether a change of control proposal can be secured at a price and on terms that the board would recommend".

What that probably means is that Billabong will seek to develop a timetable which will apply to both prospective bidders. During that period they will both have access to a data room and will be able to receive management presentations and on-site visits.

At the end of that process they will be asked to submit final bids and to sign up to a contractually binding implementation agreement. The process would be similar to that which applies to trade sales.