Suitors ditch Billabong bid

City A.M. Reporter
AUSTRALIAN surfwear company Billabong issued its third profit warning in six months yesterday as it revealed that potential takeover suitors had walked away from a deal.

Shares in the company plummeted as much as 58 per cent after it said it was instead discussing refinancing options with the two consortiums – one led by its former US boss Paul Naude and private equity firm Sycamore Partners, and the other by private equity firm Altamont Capital Partners and US clothing group VF.