11 Apr 2013

Billabong to enter takeover talks with Sycamore Partners

7:51 am on 11 April 2013

Australian Surfwear firm Billabong is to enter takeover talks with a consortium led by its former US boss Paul Naude and private equity firm Sycamore Partners.

The group has offered $US300 million, a 45% cut on the offer it made for Billabong in December, the BBC reports.

In February last year, Billabong rejected an $US883 million bid from rival private equity firm TPG Capital.

The Australian firm has struggled to restructure and last August it revealed a full-year loss of $US287 million.

Billabong has sold assets, closed stores and replaced its chief executive in an attempt to revive the business.