A consortium headed by Paul Naude, the former head of Billabong International's Americas business, has been allowed to carry out due diligence on the troubled Australian company with an eye to a possible buyout. Naude, partnering with Sycamore Partners and Bank of America Merrill Lynch, laid a bid of 1.10 Australian dollars on the table, valueing the company at 524 million Australian dollars (€413m-$546.4m). Soon after, Billabong issued a profit warning, sending its share price down by 13.3 percent to 85 Australian cents. The due diligence process could take up to six weeks.

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