January 15, 2013 / 12:10 AM / 5 years ago

Billabong shares surge after second takeover bid

SYDNEY, Jan 15 (Reuters) - Shares in Australia’s Billabong International Ltd surged more than 12 percent on Tuesday after the struggling surfwear company received a second takeover proposal.

Billabong said late on Monday it had received an offer from a consortium led by San Francisco-based private equity firm Altamont Capital Partners and clothing group VF Corp.

The A$1.10 ($1.16) per share offer matches a A$556 million ($586.55 million) bid led by Billabong’s U.S. boss, Paul Naude, and New York-based private equity firm Sycamore Partners.

Billabong, which issued its third profit warning in a year in December, said it would evaluate both proposals.

The company’s shares were at A$0.945 at 0001 GMT, up 12.4 percent. The stock has plummeted from last year’s high of A$2.51, recorded in February.

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