Business news :Ex-Oakley CEO Teams with Altamont Capital on Billabong Bid

Altamont Capital Partners has tapped David Scott Olivet, former CEO of Oakley Inc., to join its 526.8 million Australian dollar (US$555.8 million) combo-bid with VF Corp. for Billabong International Ltd.

The news was first reported by Deal Journal Australia.

VF will take Billabong’s namesake brand if its A$1.10-a-share offer with Altamont succeeds. Altamont reported will take over Billabong's other brands and related assets. Its other brands include Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Xcel, Tigerlily, Sector 9, DaKine and RVCA. It also owns the West 49 retail chain in Canada.

Scott Olivet moved into the chairman’s role at Oakley in November 2011.

The VF offer matches a bid by private equity firm Sycamore Parnters and former director Paul Naude. VF said Billabong agreed to allow the firms to conduct due diligence to evaluate its business. 

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