Shares in Billabong surged more than 13 per cent when they resumed trading after the troubled retailer received its sixth takeover bid in less than six months.
Billabong announced last night that it had received a takeover offer from VF Corporation, owner of the North Face and Timberland brands, and US private equity firm Altamont Capital Partners.
The offer matches the $1.10 a share offer that the surfwear company received in December from the Sycamore consortium led by by former director Paul Naude.
Billabong shares were placed in a trading halt when the market opened due to the offer but resumed trading at 8am.
Shortly afterwards the shares soared 13.02 per cent to 95.5 cents.
Billabong has said it will also grant the Altamont/VF consortium the opportunity to conduct a non-exclusive due diligence process after agreeing to an acceptable confidentiality agreement.
The retailer received five takeover offers during 2012.
Private equity firm TPG made two unsuccessful offers in February 2012 of $776 million and $850 million.
TPG returned with a third offer of $694.5 million, or $1.45-a-share, in July which it withdrew three months later during the due diligence phase.
Bain Capital matched the $694.5 million bid in September but withdrew the offer only weeks later also during due diligence.