SYDNEY, March 21 (Reuters) – Troubled Australian surfwear firm Billabong International Ltd said on Thursday it remains in talks with two groups weighing $544 million bids for the company — a statement that comes after the company’s shares plunged to a record low.
- Shares hit record low, fans concerns about the bids
- Company requested trading halt to investigate reason for fall
- Previous higher bids withdrawn after due diligence
Billabong had asked for a trading halt to investigate why its shares had fallen more than 20 percent earlier in the day, a slide which exacerbated fears about the status of the bids.
It has received matching bids of A$1.10 a share –one by a consortium of private equity firm Altamont Capital Partners and U.S. clothing group VF Corp, and another from Billabong’s former U.S. boss Paul Naude and private equity firm Sycamore Partners.