Sources: Altamont still in Billabong hunt, VF not

I spoke with sources close to the Billabong negotiations today that told me VF Corp. is not still involved in talks to buy Billabong, but Altamont Capital Partners is.

VF and Altamont had originally teamed on an offer to buy the company. VF was interested in the Billabong brand, and Altamont the rest.

Earlier today I summarized a Wall Street Journal story that said VF and Altamont were back in the running.

My sources tell me that Altamont is still interested in buying pieces of the company. However, there appears to be some concern at Billabong that that approach would not be in the best interests of shareholders, sources said.

While the exclusive negotiating period for Sycamore Partners and Paul Naude has ended, they are still actively involved in negotiations, I am told.

There has been speculation in the Australian press that Sycamore has dropped its offer price below its most recent bid of 60 cents per share after conducting further due diligence, and that’s why a deal was not consummated during the exclusivity window. The sources I spoke to confirmed that Sycamore’s bid has been lowered.

Billabong’s stock price is suspended from trading until the company makes an announcement about a possible transaction.