Surfwear seller, Billabong International has reportedly received a new takeover bid from its director Paul Naude backed by Sycamore Partners.

The company earlier received takeover bids form TPG International LLC and Bain Capital. The new bid is valued at A$ 1.10 a share and values the entire company at $527 million, according to unnamed sources. It is also believed that the board of the company is considering the takeover bid by the director before taking a decision.

The company had to issue new shares at discount in order to pay off its dent. It became a target for acquisition after it started closing stores, firing workers and posting a record loss during recent times. The company had said that it has started the formal process to determine if it gets a higher acquisition deal from the potential investors.

Earlier, TPG withdrew a A$694 million that was proposed in October while another unnamed company withdrew its bid September. One of the two private equity firms that was interested in taking over Billabong has withdrawal its offer to acquire the stake in the company. Billabong had informed its shareholders that it has received a second takeover offer from an unnamed private equity firm only weeks after it had received a similar offer from private equity
firm TPG.