Shares of Australia-based Billabong International Ltd. plunged as much as 56% June 4 after it said talks with two suitors officially ended, resulting in still no sale for the troubled action-sports company.
Billabong International, parent of Irvine-based Billabong USA, said talks with a group led by Americas President Paul Naudé and New York private equity firm Sycamore Partners Management concluded.
The Naudé consortium, whose last conditional offer was $299 million for the company’s entire stable of retail and apparel brands, entered into exclusive talks with Billabong International last month.
Separate negotiations also ended between Palo Alto private equity firm Altamont Capital Partners and VF Corp., the parent of Cypress-based skate shoe and apparel maker Vans Inc. Billabong is exploring refinancing and asset sales with Altamont and Sycamore.
―Kari Hamanaka
