Report: Billabong sets deadline for final bids

According to a report in the Wall Street Journal, Billabong has set a deadline of March 28 to receive final bids from the parties vying to buy it.

The story cited unnamed sources close to the deal.

Billabong previously said that due diligence should be wrapped up this month.

There are two parties interested in buying Billabong – Sycamore Partners and Paul Naude on one side, and VF Corp. and Altamont Capital Partners on the other. Both parties first offered $1.10 per share before conducting due diligence.

While the due diligence has been going on, new Billabong CEO Launa Inman has also been trying to transform the company, which has struggled recently in Europe, Canada, and Australia.

It has also been battered on the Australian Securities Exchange, where its stock closed Thursday at 83 cents per share.