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VF Corporation
and Altamont Capital Partners (Altamont) have
submitted a non-binding, joint letter of interest setting forth preliminary
indicative terms to acquire all of the issued securities in Billabong
International Limited (BBG.AX) (Billabong) for AUD $1.10 per share in cash.
Billabong has agreed to allow VF and Altamont to conduct due diligence to
evaluate Billabong's business.
VF's primary interest in the transaction is in the Billabong® brand. This
interest is consistent with VF's stated intent to pursue acquisitions,
particularly in the Action Sports category, to continue to build shareholder
value. Altamont's interest lies in acquiring Billabong's other brands and
related assets, and is predicated on the firm's mandate to invest in
situations where it can provide strategic and operational support to build
business success stories.
In Australia, an offer for a public company, even if non-binding and
indicative, may be made public at the time of its submission. Billabong made
the proposal public today. VF and Altamont are therefore taking the precaution
of announcing this proposal, notwithstanding its very preliminary nature.
The proposal does not constitute a binding offer for Billabong nor does it
impose any obligation on VF or Altamont to make an offer for Billabong until
formal transaction documents are executed.
No further details are available at this time.
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