Sink or swim: Abandoned Billabong's last gasp

The final failure of private equity suitors to save the day leaves Billabong with little option but to pursue chief executive Launa Inman’s brutal turnaround strategy.

For nearly six months the embattled Billabong surfwear group has been negotiating with two potential bidding groups, both of which have conducted extensive due diligence after originally foreshadowing bids of $1.10 a share. Despite one of the prospective bidders slashing its indicative offer price to 60 cents a share the process has come to nothing.

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