Billabong forges ahead after an Altamont hiccup

The surfwear maker will take a revised Altamont proposal to shareholders in October after dodging the Takeovers Panel.

Australia’s Takeovers Panel has forced Altamont and Billabong to amend a July 16 $827 million financing agreement that would have given the private equity firm a 40.49 per cent stake in the distressed surf wear brand.

Altamont rivals Oaktree Capital Management and Centerbridge Management on July 18 sought to block the deal by appealing to the Takeovers Panel, arguing the Billabong board had not given adequate consideration to their own proposal.

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