Billabong to rewrite takeover deal

Takeover Panel forces Altamont to change some terms of debt-for-equity swap.

Two snubbed US hedge funds have lost an appeal to the Takeovers Panel over a refinancing deal struck between private equity firm Altamont Capital and struggling retailer Billabong International (BBG), but its protest has forced the parties to rewrite their deal.

The parties agreed to lower their termination fee, which the Takeovers Panel had "acted as a lock-up device, with the effect of deterring rival proposals".

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