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New wave in Billabong bidding war

New wave in Billabong bidding war

Baker & McKenzie is advising the second party to bid for surf brand Billabong: the manufacturer of Lee Jeans matched a takeover bid lodged last year by a Billabong executive.

Firms: Baker & McKenzie (VF corporation); Allens (Billabong)

Deal: Bid for Billabong brand

Area: Corporate

Value: $1.10 a share

Key players: The lead Baker & McKenzie partner is Steven Glanz (pictured), assisted by associate Cathy Chan.

Deal significance: An American consortium, including US private equity firm Altamont Capital Partners and VF Corporation, entered a bid to acquire all of Billabong’s shares (for $1.10 each) this month. The consortium has reportedly matched an offer lodged by Billabong executive Paul Naude, together with Bank of America Merrill Lynch and Sycamore Partners, in December.

The offer evaluation process is expected to take approximately six weeks. If Bakers’ client was to win the bidding race, the famous Aussie surf brand would join a number of well-known clothing brands under VF ownership, including Lee, North Face, Wrangler, Timberland and Nautica.

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