Billabong has confirmed that a consortium led by its former US boss, Paul Naude, has cut its takeover bid by 45 per cent to 287.4 million Aussie dollars, or 60 cents a share. At its peak in May 2007, Bong was valued at $3.84 billion.

Major owners Gordon Merchant and Collette Paull confirmed that they would accept the offer in the absence of any superior proposal, the company said in a statement to the Australian Stock Exchange. Mr Naude and Sycamore Partners beat out a rival bid from a consortium comprised of private equity firm Altamont Capital Partners and US clothing group VF Corp. Billabong said it would enter a 10-day exclusivity period with Mr Naude and Sycamore Partners, but cautioned the 60-cent per share deal was not guaranteed.