Billabong rejects hedge funds' bid

Group confirms receipt of rival bid, says it was too late and 'unacceptable'.

The ongoing saga over the ownership of Billabong International Ltd appears to be moving to a close, with the embattled surfwear manufacturer officially rejecting a rival bid from its financiers.

Earlier this week, Billabong entered into a deal with Altamont Capital Partners that will allow it to repay its existing debt facilities immediately (see Roger Montgomery's Billabong poised for a turnaround).

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