Billabong International has hinted that it wants a higher bid from the potential buyers of the company in order to save the buyout process of the company.

The senior management officials and the directors of the company wants the bidders to increase their beyond an estimated 65 cents-a-share for acquiring a stake in the company. The bidders led by former company executive Paul Naude wants to acquire a stake in the troubled retailing giant.

It is believed that the offer price from Mr Naude in association with Sycamore Partners will value the firm at about $300 million. The amount is much lower than the highest market capitalisation reached by the company in 2007 at about $4 billion. Some reports suggest that retail giant VF Corporation and its partner, private equity firm Altamont Capital are also offering to acquire the stake in the company at 50 cents a share, which is much lower than the initial price of $1.10 a share offered by both the parties.

The retailer had to suspend its shares recently after rumours indicated that the buys have pulled out of talks to acquire the firm. The company had requested a trading halt for its shares after it faced a sudden sell off. The shares of the company had fallen 20 per cent due to significant number of shares being sold at the stock market.

Experts said that the share prices were affected by the expectation in the market about the takeover talks.