Naude and Sycamore get 10 more days

Billabong updated the market Wednesday morning in Australia about the status of exclusive negotiations with Paul Naude and Sycamore Partners.

Originally, the company had granted them 10 days to conduct more due diligence and place their final offer. That period was set to expire April 23.

Sycamore requested more time to research information for its final report, and Billabong agreed to extend the period to May 8.

Unsourced press reports in Australia have said the two sides are not working well together and Sycamore has struggled to get the information it needs from Billabong.

Billabong has denied it, and the press release issued today says both sides are working constructively and cooperatively.

Sycamore has proposed buying the entire company for 60 cents per share, however Billabong said there is no guarantee a sale will take place.

The company did say it expects the new May 8 deadline to be adequate for Sycamore to put in its final offer, if it chooses to.