BILLABONG DETAILS NAUDE PROPOSAL, SURFSTITCH REVALUATION AND TRANSFORMATION STRATEGY COSTS. 19.12.12
ASB Magazine: Billabong today released details about the acquisition bid led by its US President Paul Naude and it described weakening business trends in several regions. It also detailed how it’s brands, retail chains and other business components missed forecasts. Billabong confirmed it had received a confidential, indicative, non-binding and conditional proposal from a consortium comprising Paul Naude, Sycamore Partners Management as "cornerstone equity investor" and Bank of America Merrill Lynch as "lead debt financier" (the “Consortium”) to acquire all of the shares in Billabong for $1.10 cash per share. Goldman Sachs is acting as financial advisor and Allens is acting as legal advisor to Billabong.