Billabong decides on bid

Billabong International's (BBG) board will recommend the latest takeover proposal from Centerbridge-Oaktree to its investors, The Australian Financial Review reports.

According to the newspaper, an announcement on the deal will come today.

The recommendation would mark yet another twist in the long-running battle for the embattled surfwear retailer, with the US consortium outmaneuvring rival Altamont Capital Partners, which earlier offered a $325 million takeover bid for the Australian retailer.

Centerbridge-Oaktree claim their bid will leave Billabong with less debt and save the company between $119 million and $143 million interest over five years.