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.
