Altamont Capital, VF Corp table $586-mn offer for Billabong International

Struggling Australian surfwear company Billabong International Ltd today said that it has received another A$556 million ($586 million) takeover offer from a US private equity firm led consortium,  matching a bid made last month by Paul Naude, head of the company's flagship Americas division.

The new offer has been made by San-Francisco-based Altamont Capital Partners and clothing group VF Corporation, the owner of brands including Wrangler and Lee.

Last month Naude and New York-based private equity firm Sycamore Partners had offered to pay $1.10 per share, a 12-per cent premium to its then latest closing price, and a 48-per cent premium a day before Naude announced he was considering a management buyout. The deal had the funding from Bank of America-Merrill Lynch.

That offer came after two private equity firms last year backed away from tabling an offer, even though Billabong allowed them to conduct due diligence.

Billabong said that it will allow Altamont and VF to conduct due diligence and would evaluate the proposals to determine whether it can secure a deal "at a price and on terms the board would recommend."

"This process is expected to take about six weeks," the firm said in a statement to the Australian Stock Exchange.