Business news : Billabong Extends Talks With Potential Bidder

Billabong International Ltd. has extended exclusive talks with an investment group led by a former Americas director Paul Naude and Sycamore Partners Management, who have made a A$287 million ($295 million) takeover bid.

The parties will continue talks until May 8 for a 60 cents-a-share offer so Sycamore can have more time to complete due diligence, Billabong said in a regulatory statement. There is no guarantee the transaction will proceed.

“It is anticipated that the extension will be adequate for the completion of the report and its consideration,” Billabong said in the statement.

Source Billabong through SportsOneSource .

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