Billabong International (BBG) has dismissed a call by the Australian Shareholders Association to delay its $325 million deal with US private equity firm Altamont Partners to consider a rival bid, The Australian reports.
According to the newspaper, ASA chairman Ian Curry called on the surfwear reatiler over the weekend to make more information about a rival bid from two other US funds, Centerbridge and Oaktree, available to shareholders.
"It seems to us you can't proceed and lock up one proposal that you say will be complete by October (when Billabong has flagged a shareholder vote) and properly evaluate another at the same time," Mr Curry said.
A spokesperson for Billabong said there were no plans to delay the timing of the Altamont deal, The Australian reports.
"Shareholders need certainty if we are going to rebuild Billabong and at the moment it is about finding the fastest path to certainty," the spokesman said.
"Is it really going to benefit the business and the 6000 people employed globally to go through another six months of due diligence, management discussions and the like? This also has costs."