Billabong International Ltd. has set a March 28 deadline for its two suitors to make final bids, an unattributed source told The Wall Street Journal.
As reported, VF Corp. and Altamont Capital Partners in mid-January submitted a buyout offer for Billabong that values the Australian surf company at about $1.16 a share, or $556 million. VF is seeking to acquire the Billabong brand, while Altamont wants Billabong’s other brands and related assets. Its other brands include Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Xcel, Tigerlily, Sector 9, DaKine and RVCA. It also owns the West 49 retail chain in Canada.
The VF offer matches a bid by private equity firm Sycamore Partners and former director Paul Naude.
Both suitors have been conducting due diligence while preparing final bids.