Billabong booked a net loss for the six months to December 31 of $536.6 million after it took a $567 million impairment charge relating to the value of its brands and investments.
This news comes with a warning on future earnings that should affect the suitors currently looking to make bid offers.
The former head of its Americas division, Paul Naude, teamed up with private equity firm Sycamore Partners Management in December to make a $526.8 million offer for the company. A month later VF Corp, the owner of Timberland and The North Face brands, joined up with Altamont Capital Partners to match the $1.10-a-share offer from Mr Naude. The due diligence process for both parties is expected to end later in March 2013.
Paul Naude Bid offer news.
VF Corp Bid offer news.