Some news outlets in Australia are reporting that Billabong Americas President Paul Naude has teamed with U.S. private equity firm Sycamore Partners on a bid for the company.
The reports, citing unnamed sources, say Sycamore and Naude have offered $1.10 a share. Billabong’s stock price last traded at 98 cents per share Monday before trading was halted.
Billabong requested a trading halt on its stock after the Australian Financial Review reported the bid on its website Monday morning in Australia. Billabong requested the halt last until Wednesday or until a pending announcement is released to the market.
Several other potential suitors have considered buying Billabong, including private equity firm TPG, which withdrew its $1.45 per share offer for the company in October.
Naude is currently on a six-week leave of absence from his position to explore buying the company. He is restricted from talking with the media, company employees, large shareholders, company retail customers or the board of directors during this time.