VF and Altamont Capital Partners Submit Letter of Interest to Billabong International Limited

Mon Jan 14, 2013 10:54am EST

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GREENSBORO, N.C. & PALO ALTO, Calif.--(Business Wire)--
VF Corporation (NYSE: VFC) and Altamont Capital Partners (Altamont) have
submitted a non-binding, joint letter of interest setting forth preliminary
indicative terms to acquire all of the issued securities in Billabong
International Limited (BBG.AX) (Billabong) for AUD $1.10 per share in cash. 

Billabong has agreed to allow VF and Altamont to conduct due diligence to
evaluate Billabong`s business. 

VF`s primary interest in the transaction is in the Billabong brand. This
interest is consistent with VF`s stated intent to pursue acquisitions,
particularly in the Action Sports category, to continue to build shareholder
value. Altamont`s interest lies in acquiring Billabong`s other brands and
related assets, and is predicated on the firm`s mandate to invest in situations
where it can provide strategic and operational support to build business success

In Australia, an offer for a public company, even if non-binding and indicative,
may be made public at the time of its submission. Billabong made the proposal
public today. VF and Altamont are therefore taking the precaution of announcing
this proposal, notwithstanding its very preliminary nature. 

The proposal does not constitute a binding offer for Billabong nor does it
impose any obligation on VF or Altamont to make an offer for Billabong until
formal transaction documents are executed. 

No further details are available at this time. 

About VF

VF Corporation is a global leader in branded lifestyle apparel and footwear with
more than 30 brands. The company`s largest five brands are The North Face®,
Wrangler®, Timberland®, Vans®, and Lee®. Other brands include 7 For All
Mankind®, Bulwark®, Eagle Creek®, Eastpak®, Ella Moss®, JanSport®, Kipling®,
lucy®, Majestic®, Napapijri®, Nautica®, Red Kap®, Reef®, Riders®, Splendid® and
Smartwool®. For more information, please visit www.vfc.com. 

About Altamont Capital Partners

Altamont Capital Partners is a private investment firm based in the San
Francisco Bay Area with approximately $500 million of capital under management.
Altamont is focused on investing in middle-market businesses where it can
partner with leading management teams to help its portfolio companies reach
their full potential. The firm`s principals have significant experience building
business success stories across a range of industries, including
consumer/retail, financial services, industrials, healthcare and business

VF Corporation
Lance Allega, 336-424-6082
Director, Investor Relations
Carole Crosslin, 336-424-7836
Director, Corporate Communications
Altamont Capital Partners
Brunswick Group on behalf of Altamont
Christina Stenson, 415-671-7676
Aman Battish, 415-671-7676 

Copyright Business Wire 2013