United States-based private equity firm Altamont Capital Partners is set to take a major stake in Billabong International as early as Tuesday, according to The Australian Financial Review.
Altamont will also take control of Billabong's DaKine brand and finalise its $US294 million $A325 million) bridging loan to Billabong.
Altamont's $395 million offer for what may ultimately be more than 40% of Billabong was accepted by the surfwear retailer last week (see Roger Montgomery's Billabong poised for a turnaround).
The Takeovers Panel has launched a probe into the battle to win control of Billabong, and could deliver a ruling as soon as this week, the AFR reported.
A ruling could halt the Altamont deal, and the Australian Shareholders Association (ASA) has urged the panel to ban a $65 million break free included in the recapitalisation plan.
Hedge funds Oaktree capital and Centrebridge Partners have argued the Altamont deal is uncompetitive and “coercive”.